| PAPER INDUSTRY NEWS - JANUARY 2001 |
HOME
|
This page contains pulp and paper industry news for January 2001
| HOME | NEWS ARCHIVE |
|
|
NEWS JANUARY 2001
Acquisition of Metsä Tissue not approved by European Commission
Jan. 31, 2001 The European Commission announced today that it has not approved SCA’s acquisition of the Finnish company Metsä Tissue. This decision means that the agreement reached on 30 May 2000, through which SCA acquired a majority shareholding in Metsä Tissue from Metsä-Serla, will not be completed. According to the agreement, SCA was to pay EUR 295 M for 65% of the shares, corresponding to a debt-free payment for the entire company amounting to EUR 650 M. The agreement also listed the undertakings to divest certain operations that SCA was prepared to submit to the Commission, in the event that undertakings were necessary to obtain approval. It was furthermore prescribed that the seller would be entitled to compensation under certain circumstances, if the transaction could not be completed as a result of competition-related obstacles. However, this amount would be a maximum of SEK 150 M.
For complete news Go to http://www.sca.se/
GL&V Makes Bid to Acquire Operating Assets of Langston Corporation,
one of North America’s largest designers and manufacturers of corrugating equipment
Jan. 31, 2001 GL&V announces that it has made a bid to acquire operating assets of Langston Corporation, a North American leader specializing in the design and manufacture of equipment used to produce and convert corrugated board. Headquartered near Philadelphia, PA U.S.A., Langston also has operations in the United Kingdom, Australia and Mexico. The Corporation has been in business for over a century and has developed cutting-edge know-how recognized around the world. It owns some 30 patents, serves major clients in the pulp and paper industry, and has an installed base of 3,700 corrugating and converting machines – the largest in North America.
For complete news Go to http://www.glv.com/
Enron to Acquire Daishowa Paper Mill in Canada, Add Products to Existing Pulp & Paper Business
FOR IMMEDIATE RELEASE:
Tuesday, January 30, 2001
HOUSTON -- Enron Industrial Markets announced today that it has signed a definitive agreement with Daishowa North America Corporation to purchase Daishowa Forest Products Ltd., a holding company for its Quebec City, Canada newsprint mill and related assets. Financial terms of the transaction were not disclosed.
In July 2000, Enron purchased Garden State Paper, a recycled newsprint mill located in Garfield, N.J.
“This strategically located mill complements Enron’s existing production at Garden State Paper and gives us additional physical capability, thus expanding the menu of products available to our pulp and paper customers,” said Jeff McMahon, chairman and CEO of Enron Industrial Markets.
For complete news Go to http://www4.enron.com/
Cascades Inc. Attains $3 billion in Sales
Kingsey Falls (Quebec), January 30, 2001 --- Cascades Inc. (CAS, TSE) announces that it has increased its net earnings by 29% for the year ended December 31, 2000. Net earnings amounted to $75 million, or $1.12 per share compared to $58 million, or $0.86 per share, in 1999. Sustained by a strong demand for its products, Cascades achieved its goal of $3 billion in gross sales. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to $339 million for the year, compared to $309 million a year earlier which represents a 10% increase.
For complete news Go to http://www.cascades.com/
Canada's Pulp and Paper Industry Posts Profit in 2000 Looks Ahead to More Restructuring and Earnings Improvement
MONTREAL, Jan. 29 /CNW/ - Canada's pulp and paper companies turned in a respectable performance in 2000, a year which saw a strong overall demand for paper, new applications for paper products, record shipments and estimated net earnings of $2.6 billion compared with $752 million in 1999.
"It was a sound year for an industry still undergoing a large degree of restructuring," said Canadian Pulp and Paper Association (CPPA) past Chairman Pierre Monahan, President & CEO, Alliance Forest Products, at a news conference to kick off the industry's annual PaperWeek International(TM) meeting in Montreal. "Clearly, there is still room for improvement and we are working toward a more sustainable industry - in every sense of the word - in 2001."
The industry registered record shipments--31.5 million tonnes--with strong growth in all major product lines except packaging, and most major export markets. As the economies of North America, Europe and Asia experienced full growth mode at the same time, there was an accompanying strong demand for Canadian paper products. Minimal capacity increases worldwide improved the supply/demand situation for most products through most of the year. As a result, Canada's average operating rate was a robust 94 %.
For Canada's market pulp producers, 2000 remained strong through the first half of the year. However, a drop in U.S. consumption and destocking by customers hurt pulp demand in the second half of the year, flattening shipment growth to 0.9 % for the year.
Newsprint was by far the strongest of all grades, with exceptionally strong markets and virtually no new capacity worldwide. As a result, the newsprint industry shipped at full capacity last year on a global basis, and Canadian shipments increased 1.2%. With capacity shutdowns and conversions in North America and Europe continuing into next year, the newsprint supply/demand situation should remain very strong, even if North America sees a dip in demand in the first half of 2001.
Printing & writing papers increased 11.4% on the strength of U.S. demand for magazines, flyers and catalogues, while packaging declined 3.4% in line with earlier softening in U.S. manufacturing sectors.
On the international stage, total Canadian exports grew 2.6 % last year and reached record levels.
"We exported 85% of our shipments to 122 countries worldwide," said Monahan. "This underlines the need for the Canadian government to pursue its agenda of creating more favourable trade conditions for Canada's largest net exporter.
For complete news Go to http://www.newswire.ca/
Georgia-Pacific Group Reports Fourth Quarter and Full Year 2000 Results
ATLANTA, Georgia. January 26, 2001 -- Georgia-Pacific Group (NYSE:GP) today reported a net loss of $187 million (98 cents diluted loss per share) for the three months ended Dec. 30, 2000, compared with net income of $175 million ($1 diluted earnings per share) for fourth quarter 1999. Fourth quarter results were negatively impacted by one-time unusual charges and poor market conditions that necessitated production downtime across the company’s businesses.
For the quarter, the company incurred one-time unusual after-tax charges of $184 million (96 cents diluted loss per share) resulting primarily from a write-down of the Georgia-Pacific Tissue assets and closure of a paper mill at Kalamazoo, Mich. Excluding unusual charges, Georgia-Pacific Group, the manufacturing and distribution business of Georgia-Pacific Corp., recorded a net loss of $3 million (2 cents diluted loss per share) for fourth quarter 2000.
For complete news Go to http://www.gp.com
Domtar: Remarkable Results & a Solid Balance Sheet
Montréal, January 25, 2001 — Domtar announced today net earnings of $275 million, or $1.49 per common share, for the year ended December 31, 2000, an increase of 69% compared to $163 million, or $0.87 per share in 1999. Operating profit was $476 million, a 26% increase from the $379 million recorded in 1999. Annual net sales were up 17% to $3.6 billion, compared to $3.1 billion in 1999.
For complete report Go to http://www.domtar.com
International Paper Reports Fourth Quarter Earnings of $.28 Per Share
PURCHASE, N.Y., Jan. 24 /PRNewswire/ -- International Paper (NYSE: IP) reported earnings before special and extraordinary items of $145 million ($.28 per share) for the fourth quarter compared with earnings before special items of $227 million ($.55 per share) for the fourth quarter of 1999. Third-quarter 2000 earnings were $260 million ($.53 per share) before one-time charges.
For the year, International Paper reported earnings of $969 million ($2.16 per share) before special and extraordinary items, compared with 1999 full year net earnings of $551 million ($1.33 per share) before special and extraordinary items.
For complete news Go to http://www.corporate-ir.net/
K-C to Acquire Italy's No. 2 Diaper Manufacturer
Leverages Market Position of HUGGIES, the No. 2 Diaper Brand in Europe
Enhances K-C's Ability to Capitalize on Italy's Sizeable Diaper Market And Builds on K-C's Strong Presence in Italy's Tissue Market
DALLAS, Jan. 24 /PRNewswire/ -- Kimberly-Clark Corporation (NYSE: KMB) today announced that the company has signed a definitive agreement to acquire Linostar, a leading Italian-based diaper manufacturer that produces and markets Lines, Italy's second largest diaper brand. Linostar is currently owned by the Bolton Group (Amsterdam), which manufactures, markets and distributes a wide range of branded consumer goods. Details of the purchase were not disclosed. The closing of the transaction is expected shortly.
For complete news Go to http://www.prnewswire.com
K-C Posts All-Time Record Sales and EPS From Operations for The 4Q & Full Year 2000
Fourth Quarter Sales Rose 5.1 Percent to $3.6 Billion, Boosting Earnings From Operations to 87 Cents Per Share, an Increase of 10.1 Percent Compared With 1999
Quarterly Records Achieved Despite Higher Raw Material Costs and Weakness In Key European Currencies
DALLAS, Jan. 23 /PRNewswire/ -- Kimberly-Clark Corporation (NYSE: KMB) today reported that continued solid volume growth and higher selling prices boosted sales in the fourth quarter of 2000 to a new quarterly high of $3.6 billion, an increase of 5.1 percent compared with 1999. Excluding currency effects, primarily in Europe, sales climbed more than 8 percent.
For complete news Go to http://www.prnewswire.com/
Tuscarora Inc. Signs Definitive Merger Agreement to be Acquired by SCA Packaging International B.V.
NEW BRIGHTON, PA -- January 22, 2001 – Tuscarora Incorporated (NASDAQ NM: TUSC) and SCA Packaging International B.V. a business group of the Swedish company Svenska Cellulosa Aktiebolaget (SCA) announced today the execution of a definitive merger agreement whereby SCA Packaging has agreed to acquire all of the outstanding shares of Tuscarora for cash consideration of $21.50 per share, in a transaction valued at $284 million, including the assumption of debt. The Board of Directors of Tuscarora has unanimously approved the agreement and the merger. The merger is subject to approval of Tuscarora's shareholders, regulatory approvals and other customary closing conditions. Tuscarora will solicit proxies from its shareholders to approve the merger at a meeting to be held this spring. Holders owning approximately 15% of Tuscarora have entered into an agreement with SCA, agreeing to vote in favor of the transaction and granting SCA an option to purchase their shares if the merger is terminated in the context of another acquisition proposal.
For complete news Go to http://www.tuscarora.com
Chesapeake Corporation to Sell Interest in Georgia-Pacific Tissue Joint Venture
(RICHMOND, VA) - Chesapeake Corporation (NYSE:CSK) today announced that it has agreed to sell Chesapeake's 5% interest in Georgia-Pacific Tissue, LLC, a commercial and industrial tissue business, to Georgia-Pacific Corporation (NYSE:GP). Under the terms of the joint venture's operating agreement, Chesapeake's sale of its interest in the business will trigger a payment by Georgia-Pacific to Chesapeake of approximately $235 million for certain indemnifiable deferred tax liabilities, consideration for its 5% ownership interest and its agreement to terminate the joint venture.
The total payment from Georgia-Pacific is expected to result in a one-time after tax gain to Chesapeake of approximately $140 million, or $9 per share. A termination of the tissue joint venture on the currently anticipated basis would require income tax payments by Chesapeake of approximately $295 million, payable in quarterly installments during the year 2001. Effective with Chesapeake's fourth quarter 2000 earnings release, which is scheduled for February 2, 2001, the historical results of the Company's former tissue segment will be classified as discontinued operations.
For complete news Go to http://www.shareholder.com/
Georgia-Pacific Reaches Definitive Agreement to Sell Commercial Tissue Assets to Svenska Cellulosa
ATLANTA, Georgia. January 22, 2001 -- Georgia-Pacific Corp. has reached a definitive agreement to sell a portion of its commercial tissue manufacturing operations to Svenska Cellulosa Aktiebolaget SCA for $850 million. The sale is expected to be completed during first quarter 2001, with proceeds being used to repay debt.
The sale will satisfy an agreement between Georgia-Pacific and the U.S. Department of Justice that resolved the department’s anti-trust concerns associated with the company’s acquisition of Fort James Corp. Georgia-Pacific agreed to divest its existing commercial tissue business, including approximately 368,000 tons of tissue manufacturing capacity and associated converting facilities, and sales and marketing functions.
“This divestiture will not only comply with our consent decree with the Justice Department, but also is a necessary step forward in Georgia-Pacific's transformation strategy,” said A.D. “Pete” Correll, chairman and chief executive officer of Georgia?Pacific. “With the sale of these assets, combined with the proposed merger of our timber operations with Plum Creek Timber Co., and sales of targeted businesses, we are achieving the capital structure and asset base we believe will deliver greater shareholder value.”
The operations SCA will acquire formerly were known as Georgia-Pacific Tissue, and include the domestic facilities acquired in a 1999 joint venture with Chesapeake Corp. Under the terms of the joint venture agreement, Chesapeake will be entitled to a payment of approximately $218 million to cover deferred capital gains.
Georgia-Pacific will retain all commercial tissue facilities acquired in the Fort James transaction. Following the divestiture, Georgia-Pacific will operate approximately 940,000 tons of commercial tissue manufacturing capacity and associated converting facilities. The company also will retain its proprietary commercial tissue dispensing systems and a commercial tissue facility in Mexico.
The facilities being sold are located at Alsip, Ill.; Bellemont and Flagstaff, Ariz., Brattleboro, Vt.; Greenwich, N.Y.; Gary, Ind.; LaGrange, Ga.; and Menasha and Neenah, Wis. The commercial tissue business being sold employs approximately 2,200 people.
For further details Go to http://www.gp.com/
Lynos Falls Discontinue Operation, Up for Sale
Lyons Falls Pulp & Paper will discontinue operations effective January 20, 2001. The entire papermaking complex in Lyons Falls, New York is currently for sale.
For complete news Go to http://www.lyonsfalls.com/
Abitibi-Consolidated Reaches Agreement in Principle to Sell its Wayagamack Mill in Trois-Rivières, Québec
MONTREAL, Jan. 17 /CNW/ - Abitibi-Consolidated Inc. announced today that the Company has reached an agreement in principal with Kruger Inc. to sell its Wayagamack mill in Trois-Rivières, Québec to a subsidiary of Kruger. The parties have agreed not to disclose the terms or conditions of the agreement.
Kruger has planned to move the mill over a period of time to produce a full range of coated groundwood grades which are not part of Abitibi- Consolidated's core products.
The transaction is expected to close before the end of the first quarter, subject to Board approval.
For complete news Go to http://www.newswire.ca/releases/
Crown Vantage Specialty Business Asset Sale Approved By Bankruptcy Court
CINCINNATI, January 17, 2001 -- Crown Vantage Inc. (OTC Bulletin Board: CVANQ) announced today that the Bankruptcy Court has approved the sale of substantially all of the specialty, packaging, text and cover papers business of Crown Paper to a wholly owned subsidiary of KPS Special Situations Fund, LLC ("KPS"). The sale includes the name "Curtis Papers, Inc." which shall be the KPS subsidiary name after the sale closes. As previously announced, Crown Paper and KPS had signed a Definitive Asset Purchase Agreement on December 28, 2000, relating to the sale of these assets.
For complete news Go to http://www.crownvantage.com
Stora Enso, UPM-Kymmene and Tampere University of Technology to Cooperate on R& D
Jan. 17, 2001 at 14.00 (CET) Stora Enso, UPM-Kymmene and the Tampere University of Technology Paper Converting Institute have signed a research and development agreement with the aim of developing barrier-coated and barrier-laminated products and packaging made from paper and board, and improving the recyclability of materials. The barrier-coated and barrier-laminated products will be fibre-based. Barrier-coated products are manufactured by pressing molten plastic film on paper or board. Stora Enso's products are used especially as raw materials for liquid packaging and paper cups. As regards board products, UPM-Kymmene Walki Wisa specializes in raw materials for packaging frozen goods, animal feeds and technochemicals. Paper-based materials are manufactured for flexible packaging and use as industrial wrapping paper, especially for packaging paper rolls and sheets.
For complete news Go to http://www.storaenso.com
Mead To Close Coating Facility In Indianapolis
DAYTON, OH – January 16, 2001 — The Mead Corporation (NYSE:MEA) today announced plans to close the Mead Paper carbonless coating facility located in Indianapolis, Indiana. Mead expects to transfer production from this site by the end of May 2001 to Mead’s recently acquired carbonless coating facility in Fremont, Ohio.
“By consolidating these facilities, we will improve the productivity of our carbonless coating operations while maintaining our ability to meet customers’ needs,” said Ian W. Millar, president of the Mead Paper division. “The similar operations of these facilities allows us to consolidate them.”
For complete news Go to http://www.mead.com/navigation
GL&V Closes Transaction in Europe
Jan. 15, 2001, GL&V announced today that it has closed the transaction with the COINPASA Group (Bilbao, Spain). In September 2000, GL&V signed an agreement to combine its European pulp and paper assets with those of ENERTEC, S.A. (formerly Beloit Ibèrica), a subsidiary of COINPASA.
This joint venture will create four companies: GL&V Sweden AB, GL&V Finland Oy, GL&V Spain S.L. and GL&V Portugal Lda., which will be integrated with GL&V Pulp and Paper Group to strengthen its position in Europe, subsequent to the acquisitions of Celleco and the Pulping and Finishing business units of Beloit Corporation. Owned equally by GL&V and the COINPASA Group, these new subsidiaries should contribute annual sales of approximately $50 million to GL&V's revenues as of the first year.
"Enertec has been an exclusive licensee of Beloit since 1983. As such, it has an in-depth knowledge of this technology and solid expertise in the design of pulp and paper production equipment. Enertec is a cutting-edge company in Spain and Portugal, and exports some of its products to other countries in Europe, Latin America and Asia. We will integrate its team of engineers, designers and sales and service personnel into the newly created subsidiaries, which will be managed entirely from Europe. We expect to develop excellent synergies that will help speed up the growth of our European operations," said Laurent Verreault, President and Chief Executive Officer of GL&V.
For complete news Go to http://www.glv.com/english
Caraustar Industries, Inc. Announces Closing of Chicago Paperboard Mill
ATLANTA, Jan. 12 /PRNewswire/ -- Caraustar Industries, Inc. (Nasdaq: CSAR) today announced that it will permanently close Chicago Paperboard, a recycled paperboard mill located in Chicago, Illinois, effective immediately.
The closing of Chicago Paperboard results from the lack of market demand for uncoated recycled paperboard. The mill was profitable through 1998, but declining sales resulted in operating losses of $2.6 million in 1999 and $1.5 million in 2000. The mill has been idle since early November due to soft market conditions.
For complete news Go to http://www.corporate-ir.net
Chesapeake Discloses Plans to Sell Units, Lowers Earnings Projections
RICHMOND, Va. Jan. 12, 20001-- Chesapeake Corp. disclosed plans to sell its underperforming display and corrugated-containers businesses and warned that earnings for 2000 would fall short of the company's earlier projections.
The paper and specialty-packaging company expects to post earnings from continuing operations, before interest, taxes, depreciation and amortization, or Ebitda, of $120 million to $130 million for last year. Revenue from continuing operations was projected at between $790 million and $810 million
For complete news Go to http://public.wsj.com/sn/
Norske Skog Canada Announces Additional Pulp Curtailment for Q1
VANCOUVER, Jan. 11 /CNW/ - Norske Skog Canada has announced it will reduce pulp production at its BC mills by an additional 20,000 to 25,000 tonnes during the next three months to better balance output with orders in the face of continuing lower demand for market pulp.
The planned curtailment in the first quarter is in addition to the 50,000 tonnes in capacity reduction that the company took in the last quarter of 2000.
The company said it will distribute the curtailment over its three manufacturing operations based on the nature of customer orders, mill operating rates and inventories.
Editors Note: Norske Skog Canada (TSE Ticker NS.A), formerly Fletcher Challenge Canada, is the largest producer of newsprint and groundwood specialty papers in western North America and is the world's largest producer of sawdust-based pulps. The company operates three mills in British Columbia at Crofton and Elk Falls on Vancouver Island and at Mackenzie in the B.C. northern Interior.
International Paper To Sell Mill
HAMILTON, Ohio Jan. 10, 2001(AP) -- International Paper Co. has found a buyer for the paper mill it acquired in June through its purchase of the rival Champion International Corp.
An agreement has been reached to sell the former Champion facility known as the B Street Mill to Sun Capital Partners Inc., International Paper officials said Tuesday. The purchase price was not disclosed.
The sale is part of International Paper's previously announced plan to divest $5 billion in assets by the end of 2001, International Paper spokeswoman Jenny Boardman said Tuesday.
The mill will operate as an independent affiliate of Sun Capital and will operate as Smart Papers LLC, Sun Capital spokesman M. Steven Liff said.
``We expect to complete the transaction on or about the end of January,'' Liff said Tuesday. ``The intent of Smart Papers is to operate the mill if it is economically viable and to save jobs.''
The mill has about 800 employees.
For complete news Go to http://biz.yahoo.com/apf/
Stora Enso Plans to Restructure its Production Capacity
Jan. 9, 2001 at 13.30 (CET) , Stora Enso intends to build a 400,000 tonnes per year newsprint/SC paper machine utilising recovered paper as raw material in Langerbrugge, Belgium and to shut down permanently two paper machines with combined capacity of about 230,000 tonnes per year in Langerbrugge (SC paper) and Summa, Finland (newsprint). It will also shut down a 140,000 tonnes per year off-line coater in Nymölla, Sweden.
In accordance with its strategy to develop its company structure, Stora Enso is continuing its asset improvement programme to increase its competitiveness in the newsprint and magazine paper businesses. It is also closing down an off-line coater at its Nymölla fine paper mill. These measures are being taken to increase the overall competitiveness and to improve machine specialisation and shut down units that are not profitable in the long term.
For complete news Go to http://www.storaenso.com/
Bowater Terminates Negotiations for Second Newsprint Mill in South Korea
GREENVILLE, S.C., Jan. 8, 2001--Bowater Incorporated (NYSE: BOW - news) announced today that it has terminated negotiations with Sepoong Corporation and its major creditor, Chohung Bank, to acquire the Sepoong paper mill located in Kunsan, South Korea. Bowater noted that there were unacceptable delays in satisfying certain conditions contemplated when the parties signed the previously announced preliminary letter of intent in September of 2000.
In 1998, Bowater acquired the Halla newsprint mill located in Mokpo, South Korea, which has approximately 265,000 metric tons of recycled newsprint capacity.
For complete news Go to http://www.bowater.com/
Weyerhaeuser Extends Hostile Offer For Willamette Industries to Feb. 1
Jan 05,2001 , A Wall Street Journal News Roundup Weyerhaeuser Co. extended its $5.4 billion hostile offer for Willamette Industries Inc. after nearly half of the rival paper company's outstanding shares were tendered by Thursday's deadline.
The extension comes five weeks after Weyerhaeuser made its unsolicited $48-a-share bid. Weyerhaeuser has not sweetened its offer since it was launched Nov. 28.
Weyerhaeuser, which had filed a lawsuit against Willamette for refusal to open its shareholder lists and books, said Friday that about 52.4 million shares, or 48%, of Willamette's outstanding common shares were tendered by the midnight Thursday deadline. Weyerhaeuser, of Federal Way, Wash., said Friday that it has extended the deadline until Feb. 1 at 5 p.m.
Willamette has claimed the offer is inadequate and is an attempt to take advantage of depressed stock prices in the industry.
With the tender offer, Weyerhaeuser took its case directly to shareholders, akin to a referendum. Some takeover experts have said that Weyerhaeuser's failure to sweeten its bid, in the absence of other bidders, showed that Weyerhaeuser felt it could bide its time while shareholders urged Willamette to go to the negotiating table.
For complete news Go to http://public.wsj.com/
International Paper Completes Sale of Zanders Feinpapiere ,
PURCHASE, N.Y., Jan. 5 /PRNewswire/ -- International Paper (NYSE: IP) and Metsa Serla have completed Metsa Serla's purchase of approximately a 72 percent shareholding in Zanders Feinpapiere AG from International Paper. Regulatory approvals were granted in Europe and the U.S. in December, 2000. This transaction is a continuation of International Paper's previously announced plans to sell $5 billion in assets, including timberlands, by the end of 2001.
For complete news Go to http://investor.internationalpaper.com/
Bowater to Curtail Market Pulp Production
GREENVILLE, S.C.--(BUSINESS WIRE)--Jan. 3, 2001--Bowater Incorporated (NYSE: BOW - news) announced today that it will curtail production of market pulp during the first quarter of 2001 by 30,000 metric tons, or approximately 12% of quarterly production capacity, to adjust inventories.
Bowater Incorporated, headquartered in Greenville, SC, is a global leader in newsprint. In addition, the company makes coated and uncoated groundwood papers, bleached kraft pulp and lumber products. The company has nine pulp and paper mills in the United States, Canada and South Korea. The company also owns and operates a coating operation and three sawmills that produce softwood dimension lumber. These operations are supported by 1.8 million acres of timberlands owned or leased in the United States and Canada and over 14 million acres of timber cutting rights in Canada. The company is one of the world's largest consumers of recycled newspapers and magazines. Bowater common stock is listed on the New York Stock Exchange, U.S. regional exchanges and the London Stock Exchange. A special class of stock exchangeable into Bowater common stock is listed on the Toronto Stock Exchange.
For complete news Go to http://www.bowater.com
Minerals Technologies to Construct a PCC Satellite Plant for Great Northern Paper Manufacturing
Facility to Produce Patented AT PCC
NEW YORK--(BUSINESS WIRE)--January 2, 2001--Minerals Technologies Inc. (NYSE:MTX - news) announced today that its wholly owned subsidiary Specialty Minerals Inc. will construct a satellite plant for the production of precipitated calcium carbonate (PCC) at a paper mill owned by Great Northern Paper, Inc. in Millinocket, Maine.
The satellite plant, which will provide the company's AT(TM) PCC for filling groundwood specialty paper produced by Great Northern, will be equivalent to two units. A unit represents between 25,000 and 35,000 tons of PCC produced annually. AT(TM) PCC is Minerals Technologies' patented acid-tolerant technology that permits the use of PCC, an alkaline material, in an acid papermaking environment. PCC facilitates production of a higher quality, brighter paper.
"We are extremely pleased to be selected by Great Northern Paper to construct the permanent satellite PCC plant that will provide our patented PCC technology at their mills in Maine,'' said Jean-Paul Valles, chairman of Minerals Technologies Inc.
"We look forward to a long and rewarding relationship with this outstanding paper company,'' said Paul R. Saueracker, president and chief executive officer of Minerals Technologies. ``We will begin construction of the satellite PCC plant very soon and expect to begin operation in the third quarter of 2001.''
Great Northern Paper, Inc. is a Maine-based company headquartered in Millinocket, which operates pulp and paper mills in Millinocket and East Millinocket, and owns approximately 400,000 acres of forest lands. Great Northern's two paper mills produce recycled fiber-content coated and uncoated specialty, and directory papers in totally chlorine-free manufacturing processes.
PCC is a specialty pigment for filling and coating high-quality paper. By substituting PCC for more expensive wood fiber and for other more expensive pigments, the paper industry is able to produce higher quality paper at lower cost. Minerals Technologies originated the satellite concept for making and delivering PCC on-site at paper mills. This concept has been a major factor in revolutionizing papermaking from an acid to an alkaline-based technology. Minerals Technologies constructed its first PCC satellite plant in 1986. Today, the company has 57 satellite plants in operation or under construction around the world.
For complete news Go to http://biz.yahoo.com/
HOME
|