VIEWS: 2 PAGES: 5 CATEGORY: Engineering & Energy POSTED ON: 6/11/2010
A global leader in serving libraries of all types, ProQuest LLC (“ProQuest”) supports the breadth of the information community with innovative discovery solutions that power the business of books and the best in research experience. More than a content provider or aggregator, ProQuest is an information partner, creating indispensable research solutions that connect people and information. Through innovative, user-centered discovery technology, ProQuest offers billions of pages of global content that includes historical newspapers, dissertations, and uniquely relevant resources for researchers of any age and sophistication—including content not likely to be digitized by others.
w h a t ’s n e w WHAT’S NEW N E W S S h O r T S F r O M T h E P u L P A N d PA P E r W O r L d C O r P O r AT E S T r AT E G Y namely the maximum funded debt to capitalization ratio of 65% and International Paper to close its the minimum interest coverage ratio of 2.25x, will remain unchanged until maturity in October 2012. Inverurie mill in Scotland International Paper has announced that it will close its Inverurie, Scotland, Tembec advises on impact of filing mill by the end of March. A three-month employee consultation process Tembec advised that as a result of the filing of a notice of intention to make failed to find a financially viable alternative future for the mill. The closure a proposal under the Bankruptcy and Insolvency Act (Canada) by Marathon removes 250,000 tonnes/yr of uncoated freesheet capacity from Interna- Pulp, a joint venture in which it holds a 50% interest, Tembec will immedi- tional Paper’s European output. ately cease proportionately consolidating the financial results of Marathon in Commenting on the announcement, Mary Laschinger, president of Inter- its financial statements. This will result in a one-time gain of $3 million in the national Paper Europe, Middle East, Africa and Russia, said: “Over the last March 2009 quarter. During the twelve-month period ended December 27, three months, we have worked hard together with the appropriate repre- 2008, the joint venture had increased Tembec’s reported sales by $61 million sentatives to evaluate alternatives for the future of the mill. Unfortunately, and had generated EBITDA of $2 million. none of the options provided a business plan that was financially viable and that would safeguard jobs.” Stora Enso sells Summa Mill site to Google Group Stora Enso has signed an agreement to sell the buildings and most of the Summa Mill site in Finland to Google Group of Companies for Mill project rescheduled approximately Euro 40 million. The sale is expected to close by the Stora Enso has decided to defer its final decision regarding the proposed pulp end of the first quarter 2009. The transaction will improve operating and paper mill project at Nizhny Novgorod in Russia to a later stage due to profit by approximately Euro 38 million, of which approximately Euro the weak global financial situation and near-term outlook for the forest prod- 15 million is a reversal of earlier impairment, and will be recorded as ucts industry. The project is not cancelled by this decision, and various actions a non-recurring item in the first quarter 2009 results. will be taken to facilitate possible implementation of the project in the future. Stora Enso and Google have agreed that part of the mill site will be further transferred to the City of Hamina for other industrial uses. West Fraser making additional pulp production Paper production at Summa Mill ended in January 2008 and will not curtailments be resumed. West Fraser announced that the company’s two BCTMP mills will take additional production curtailments that will reduce total production Catalyst Paper stages tax revolt by approximately 50,000 tonnes over the period ending May 31, Catalyst Paper’s CEO has told the BC provincial government and four town mu- 2009. These curtailments at Quesnel River Pulp (British Columbia) nicipalities that unless they agree to cut the company’s property tax bill more than and Slave Lake Pulp (Alberta) are in addition to the 25% 75% he will permanently shut an entire facility. 10 reduction in operating rates implemented at each Analysts estimate the company paid C$30 million in total mill in late 2008. The additional reduction Top Ten property taxes last year for its four mills and a paper of production is in response to continued headlines on Risi recycling location. weakening of demand for high-yield pulp. WeBsiTe lasT MonTh Effective July 1, the company says it will pay taxes only for goods and services it actually PEOPLE
Pages to are hidden for
"WHAT'S NEW"Please download to view full document