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Starbucks rolls out new nationwide promotion (at bizjournals.com)
seattle.bizjournals.com | Aug 5, 2008
The Seattle-based coffee retailer (NASDAQ: SBUX) is offering morning customers who return after 2 p.m. any grande iced drink for $2. Such drinks can run to around $4. Starbucks began testing the promotion in Seattle, Chicago and Miami a few weeks ago and is now rolling it out nationally.
http://seattle.bizjournals.com/seattle/stories/2008/08/04/daily12.html?ana=yfcpc
Weyerhaeuser sells Tampa, Plant City, other plants to Internation...
tampabay.bizjournals.com | Aug 4, 2008
The transaction includes nine containerboard mills, 72 packaging locations, 10 specialty-packaging plants, four kraft bag and sack locations and 19 recycling facilities. One packaging location is in Tampa, and one is in Plant City.
http://tampabay.bizjournals.com/tampabay/stories/2008/08/04/daily5.html?ana=yfcpc
Weyerhaeuser to sell Canada mill
www.bizjournals.com | Jul 28, 2008
The mill hasn't been in full operation since February, when the Federal Way timber giant (NYSE: WY) announced a temporary downtime, citing the "poor U.S. housing market and appreciation of the Canadian dollar."
http://www.bizjournals.com/portland/stories/2008/07/28/daily5.html?ana=from_rss
First Quarter Loss For Weyerhaeuser Due To Slow Housing Starts
www.therealestatebloggers.com | May 5, 2008
Weyerhaeuser, the lumber and forest company, recorded a loss of 148 million in the first quarter this year. The loss was due mainly to the weak United States new construction market. When stick built homes are not being built it makes it very hard on the supply companies. Of course if you are
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RealEstateJournal | Buyers Branch Out Into Logging Locales
August 25, 2004 -- Wayne Arnold recently bought a 20-acre lot in the dense forest south of this Seattle suburb and turned himself into a part-time forest manager. He started by buying an ax and a wood chipper to prune as many of the trees on the property as he can.
http://www.realestatejournal.com/buysell/markettrends/20040825-wsj.html
U.S. Inspect Home Inspection:
Class Action Siding Settlement Proposed Weyerhaeuser Company has agreed to take an after-tax charge of $82 million to cover the cost of a nationwide hardboard siding class action lawsuit and related claims. The settlement is subject to court approval and other conditions in the agreement.
2Propertymanagement.com - 2Propertymanagement.com Free Email
If you like to deal with professional, honest, friendly people, then you have found the right place. Our professionals are here to help you with all your needs.
http://www.2propertymanagement.com/Wisconsin/Weyerhaeuser/index.php3
Foreclosures in Weyerhaeuser Wisconsin
Below are the available Foreclosures in Weyerhaeuser Wisconsin. As not all cities in WI have foreclosed homes listed, we are also showing you available foreclosed properties in all of your local county as well.
http://www.foreclosurenet.net/city_results.asp?state=WI&county=Rusk&city=Weyerhaeuser
News from Zibb.com
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Weyerhaeuser Announces New Roles for Gideon, Hooper; Richard Hanson, Ed Rogel Announce Retirements
FEDERAL WAY, Wash., Jun 25, 2008 (BUSINESS WIRE) --
Weyerhaeuser Company (NYSE:WY) today announced the promotions of Thomas F. Gideon to executive vice president - Forest Products and John A. Hooper to senior vice president - Human Resources.
Gideon, 56, assumes his new role on July 1 after Richard E. Hanson, 64, retires on June 30. Hanson has served as executive vice president and chief operating officer since 2003. In his new role, Gideon will oversee the company's timberlands, wood products, and cellulose fibers businesses in addition to the research and development, information technology, procurement, and logistics functions.
Hooper, 53, succeeds Edward P. Rogel, 62, effective July 7. Rogel retires on June 30 after heading up the human resources department since 2003.
Gideon and Hooper will report directly to Daniel S. Fulton, president and chief executive officer.
"Tom and John are strong leaders with the background and vision necessary to help us shape the future direction of Weyerhaeuser," Fulton said. "Tom inherits a proven team of leaders with whom he will work to continue to improve the performance of our businesses. At a time when we are identifying, developing and retaining the talent necessary to compete in our changing markets, John's leadership, energy and focus will be critical to our long-term success."
Fulton thanked Hanson and Rogel for their contributions to Weyerhaeuser since both joined the company in 1969.
"Throughout their careers, Rich and Ed have continually worked to create a stronger company, and we are indebted to them for their commitment and dedication," Fulton said. "Through my close working relationship with them on the senior management team, I have valued their counsel, insight and leadership."
About Thomas F. Gideon
Gideon has been senior vice president, Containerboard, Packaging and Recycling, since March 2007. He was senior vice president, Timberlands, from 2005 to 2007. He was vice president, Western Timberlands, from 2003 to 2005 and director of Sales and Marketing for Western Timberlands from 1998 to 2003. He joined Weyerhaeuser in 1978 and held numerous human resources and sales management positions in Wood Products before moving into Western Timberlands in 1996.
About John A. Hooper
Hooper has served as vice president, Human Resources Operations, since 2006 after joining Weyerhaeuser in 2001 to assist in the integration of Willamette Industries. He also led several of the company's strategic workforce initiatives. Prior to being employed by Weyerhaeuser, Hooper founded and operated two consulting firms specializing in culture change, best practices, human resources strategy and change management, one of which he sold to Watson Wyatt, a global leader in human resources consulting. He also held HR leader roles with Tektronix from 1980 to 1986 and Eaton Corp. from 1976 to 1979.
About Richard E. Hanson
Hanson has been executive vice president and chief operating officer since 2003. He was executive vice president, Timberlands, from 2002 to 2003 and was senior vice president, Timberlands, from 1999 to 2002. He was vice president, Western Timberlands, from 1996 to 1998. He joined Weyerhaeuser in 1969 and has held numerous management positions in the Timberlands, Wood Products and Paper businesses.
About Edward P. Rogel
Rogel has been senior vice president, Human Resources, since 2003. He was vice president, Human Resources Operations, from 2000 to 2003. He joined Weyerhaeuser in 1969 and has held numerous positions in the Timberlands, Wood Products and Pulp businesses in addition to holding corporate-wide responsibilities.
About Weyerhaeuser
Weyerhaeuser Company, one of the world's largest forest products companies, was incorporated in 1900. In 2007, sales were $16.3 billion. It has offices or operations in 13 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser's businesses, products and practices is available at http://www.weyerhaeuser.com.
SOURCE: Weyerhaeuser Company
Weyerhaeuser Company Media - Bruce Amundson, 253-924-3047 Analysts - Kathryn McAuley, 253-924-2058
Tags: ceo construction consulting contributions corporate energy executive human resources information technology marketing nyse packaging president products real estate sales timber
Companies: Weyerhaeuser Co. (WY)
Media Advisory - Steelworkers continue to push Weyerhaeuser to keep mill, employees working in
HUDSON BAY, SK, Jun 26, 2008 (Canada NewsWire via COMTEX) --
With the final day of work fast approaching for the workers at Weyerhaeuser Corporation's OSB 2000 mill here, the union (USW) continue to push the company for answers and action.
In a letter to the company, USW Local 1-184 president Paul Hallen notes that the indefinite closure will have a "devastating effect" on the town of Hudson Bay, which is home to some 1,500 people.
"The shocking and disappointing issue is that the company has no foreseeable plans to operate this new state of the art mill in any capacity whatsoever, currently or in the future," says Hallen in the letter to Phil Dennet, Vice President Strand Technologies for Weyerhaeuser. "This is not acceptable to workers or the community, nor should it be acceptable to the Province of Saskatchewan in order to retain your FMA."
Weyerhaeuser has claimed that market conditions are forcing the indefinite closure; however, Hallen notes that other, less modern OSB mills are running and that OSB prices have risen recently and seem to be firming up. The union says that full closure of the operation risks losing good trades and production employees that will "add additional challenges to a future start up of the operation."
"The employee in a small community in northern Saskatchewan goes home to their family with no job and minimal employment opportunities in the community and is forced to leave in pursuit of employment; often without their families... The community is left trying to maintain an infrastructure which is often dictated by the industry and built up to support the needs of the industry. People are an important resource to the forest industry and every effort should be made to sustain the skilled workforce, in turn helping to sustain the community and the infrastructure..." states Hallen in the letter.
"Market conditions have deteriorated in an industry which has always been cyclical in nature," added Hallen. "But a closure of this magnitude will take a further toll on loggers, haulers, various suppliers and businesses that depend on opportunities and income generated by the forest industry."
The OSB 2000 closure is the seventh instance of either a permanent closure or an indefinite closure of a Weyerhaeuser or recently former Weyerhaeuser operation in Saskatchewan since 2001. It is the company's last operating mill in the province, but will be fully shutdown on July 11.
After July 11 the company will not be operating a single operation in the province despite retaining its access to crown land.
Earlier this year, the company announced the permanent closure of its Carrot River sawmill and Hudson Bay plywood plant, following long periods of indefinite layoffs. In addition, its Big River sawmill was sold to Domtar along with its giant Prince Albert pulp and paper mill and partnership in the Wapawekka sawmill, also in Prince Albert.
The USW is Canada's most diverse union, representing more than 280,000 men and women working in every sector of the economy.
SOURCE: United Steelworkers
Paul Hallen, (306) 764-4202 or (306) 961-0420
Tags: canada employment family local market media men partnership plant president prices saskatchewan technology unions women
Domtar Corporation reports second quarter 2008 financial results - Zibb.com
MONTREAL, Aug. 8, 2008 (Canada NewsWire via COMTEX) --
<<
TICKER SYMBOL
UFS (NYSE, TSX)
Synergy program well underway - target increased to $250 million
- Net earnings of $0.05 per diluted share, earnings before items(1) of
$0.06 per diluted share
- Free cash flow(1) of $77 million in the second quarter
- Net debt(1) reduced by $104 million year-to-date
>>
Domtar Corporation (NYSE/TSX: UFS) today reported net earnings of $24 million ($0.05 per diluted share) for the second quarter of 2008 compared to net earnings of $36 million ($0.07 per diluted share) for the first quarter of 2008 and $11 million ($0.02 per diluted share) for the second quarter of 2007. Sales for the second quarter amounted to $1.6 billion.
Excluding the items listed below, the Company earned $32 million ($0.06 per diluted share) for the second quarter of 2008 compared to $25 million ($0.05 per diluted share) for the first quarter of 2008 and $9 million ($0.02 per diluted share) for the second quarter of 2007.
<<
Second quarter 2008:
--------------------
- Gain of $6 million ($4 million after tax) related to the sale of
trademarks;
- Closure and restructuring costs of $11 million ($7 million after tax);
and
- Costs of $9 million ($5 million after tax) related to synergies and
integration.
First quarter 2008:
-------------------
- Reversal of a provision for $23 million ($17 million after tax) due to
the early termination of an unfavorable contract;
- Costs of $8 million ($5 million after tax) related to synergies and
integration; and
- Closure and restructuring costs of $1 million ($1 million after tax).
Second quarter 2007:
--------------------
- Gains of $10 million ($6 million after tax) related to financial
instruments;
- Gain of $1 million related to a change in statutory income tax rates;
- Costs of $6 million ($4 million after tax) related to synergies and
integration; and
- Closure and restructuring costs of $2 million ($1 million after tax).
"We had a better quarter when compared to the same period last year with
sales up 3.5% and earnings before items increasing $23 million despite a 5.9%
drop in paper shipments. Clearly, the synergies are starting to show in our
results and the projected benefits from new initiatives have led us to
increase our synergy target to $250 million," said Mr. Raymond Royer,
President and Chief Executive Officer. "Having said that, the announced price
increases for papers in June are necessary to adjust to this new business
environment of structurally higher input costs," added Mr. Royer.
SEGMENT REVIEW
Papers
Operating income before items(1) was $106 million in the second quarter of
2008 compared to operating income before items(1) of $100 million in the first
quarter of 2008. Depreciation and amortization totaled $110 million in the
second quarter. When compared to the first quarter, paper shipments decreased
5.6% while pulp shipments remained flat. The shipments-to-production ratio for
papers was 99% in the second quarter compared to 103% in the first quarter.
When compared to March 30, 2008 levels, paper inventories were 6,000 tons
higher at the end of June.
The increase in operating income before items(1) in the second quarter was
the result of higher average selling prices for paper and pulp, lower overall
costs including the negative impact of higher costs related to fiber, energy,
freight and chemicals, lower usage for energy and a favorable exchange rate.
These factors were partially mitigated by higher costs related to planned
maintenance shutdowns and lower paper shipments.
(In millions of dollars) 2Q 2008 1Q 2008
--------------------------------------------- ----------- -----------
Sales $1,407 $1,429
Operating income $92 $114
Operating income before items(1) $106 $100
Depreciation and amortization $110 $110
Commenting on the current business environment and recent demand
statistics for uncoated freesheet, Mr. Royer said, "While trade publications
have painted a fairly negative demand picture for the paper industry so far in
2008, Domtar's core business has weathered the storm quite well with no
lack-of-order downtime, shipments-to-production close to 100% and paper
inventories virtually flat from March-end levels. The closure of the Port
Edwards mill in June further tightened our manufacturing system. The U.S.
economy remains challenging and we will be closely tracking our order books
and will make adjustments to production where needed to respond to customer
demand."
Paper Merchants
Operating income was $2 million in the second quarter of 2008 compared to
operating income of $3 million in the first quarter of 2008. Depreciation and
amortization was $1 million in the second quarter. Deliveries decreased 11%
when compared to the first quarter.
The decrease in operating income in the second quarter was the result of
the depreciation and amortization expense and lower deliveries, partially
offset by higher average selling prices.
(In millions of dollars) 2Q 2008 1Q 2008
--------------------------------------------- ----------- -----------
Sales $243 $262
Operating income $2 $3
Depreciation and amortization $1 -
Wood
Operating loss was $12 million in the second quarter of 2008, compared to
an operating loss of $22 million in the first quarter of 2008. Depreciation
and amortization totaled $7 million in the second quarter. When compared to
the first quarter, lumber shipments increased 13% in the second quarter.
The decrease in operating loss in the second quarter was the result of
higher average selling prices, higher shipments, lower costs and better
productivity at several operations. The results were partially offset by a
higher depreciation and amortization expense.
(In millions of dollars) 2Q 2008 1Q 2008
--------------------------------------------- ----------- -----------
Sales $70 $63
Operating loss ($12) ($22)
Depreciation and amortization $7 $6
"The financial results in our Wood business improved significantly in the
second quarter, better than what we had expected, and this is due to higher
prices but also to the concerted efforts made by our employees to reduce costs
and improve the efficiency of our operations," said Mr. Royer. "I am pleased
with this progress and look forward to making additional improvements going
forward."
OUTLOOK
For the second half of the year, we anticipate the demand for uncoated
freesheet paper in North America to remain under pressure due to the
challenging economic environment although low inventory levels and capacity
rationalization within the industry help maintain a supply-demand balance.
Domtar's synergy program is well-advanced; profit margin expansion in the
Papers segment is expected both from the continued benefits from synergies and
from price increases implemented in uncoated freesheet early in the third
quarter.
EARNINGS CONFERENCE CALL
The Company will hold a conference call today at 10:00 a.m. (ET) to
discuss its second quarter 2008 financial results. Financial analysts are
invited to participate in the call by dialing in at least 10 minutes before
start time at 1-866-321-8231 (toll free - North America) or 1-416-642-5213
(International), while media and other interested individuals are invited to
listen to the live webcast on the Domtar Corporation website at
www.domtar.com.
About Domtar
Domtar Corporation (NYSE/TSX:UFS) is the largest integrated manufacturer
and a leading marketer of uncoated freesheet paper in North America and the
second largest in the world based on production capacity, and is also a
manufacturer of papergrade, fluff and specialty pulp. The Company designs,
manufactures, markets and distributes a wide range of business, commercial
printing and publication as well as converting and specialty papers including
recognized brands such as Cougar(R), Lynx(R) Opaque, Husky(R) Offset, First
Choice(R) and Domtar EarthChoice(R) Office Paper, part of a family of
environmentally and socially responsible papers. Domtar owns and operates
Domtar Distribution Group, an extensive network of strategically located paper
distribution facilities. Domtar also produces lumber and other specialty and
industrial wood products. The Company employs nearly 13,000 people. To learn
more, visit www.domtar.com.
Forward-Looking Statements
All statements in this press release that are not based on historical fact
are "forward-looking statements." While management has based any
forward-looking statements contained herein on its current expectations, the
information on which such expectations were based may change. These
forward-looking statements rely on a number of assumptions concerning future
events and are subject to a number of risks, uncertainties, and other factors,
many of which are outside of our control that could cause actual results to
materially differ from such statements. Such risks, uncertainties, and other
factors include, but are not necessarily limited to, those set forth under the
captions "Forward-Looking Statements" and "Risk Factors" of the Form 10-K
filed with the SEC. Unless specifically required by law, we assume no
obligation to update or revise these forward-looking statements to reflect new
events or circumstances.
--------------------
(1) Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP
Financial Measures in the appendix.
Domtar Corporation
Highlights
(In millions of dollars, unless otherwise noted)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Thirteen Thirteen Twenty-six Twenty-six
weeks weeks weeks weeks
ended ended ended ended
-------------------------------------------------------------------------
June 29 July 1 June 29 July 1
2008 2007 2008 2007
-----(Unaudited)------ -----(Unaudited)------
$ $ $ $
---------- ----------
Selected Segment
Information
Sales
Papers 1,407 1,349 2,836 2,304
Paper Merchants 243 226 505 302
Wood 70 90 133 137
-------------------------------------------------------------------------
Total for reportable
segments 1,720 1,665 3,474 2,743
Intersegment sales -
Papers (73) (66) (156) (90)
Intersegment sales -
Paper Merchants - (1) - (1)
Intersegment sales - Wood (8) (15) (14) (18)
-------------------------------------------------------------------------
Consolidated sales 1,639 1,583 3,304 2,634
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Depreciation and
amortization
Papers 110 126 220 198
Paper Merchants 1 - 1 1
Wood 7 6 13 11
-------------------------------------------------------------------------
Consolidated depreciation
and amortization 118 132 234 210
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Operating income (loss)
Papers 92 92 206 163
Paper Merchants 2 2 5 6
Wood (12) (20) (34) (24)
-------------------------------------------------------------------------
Total for reportable
segments 82 74 177 145
Corporate (2) (5) (3) (5)
-------------------------------------------------------------------------
Consolidated operating
income 80 69 174 140
Interest expense 37 47 76 58
-------------------------------------------------------------------------
Earnings before income taxes 43 22 98 82
Income tax expense 19 11 38 22
-------------------------------------------------------------------------
Net earnings 24 11 60 60
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Per common share (in dollars)
Net earnings
Basic 0.05 0.02 0.12 0.14
Diluted 0.05 0.02 0.12 0.14
Weighted average number of
common and exchangeable
shares outstanding
(millions)
Basic 515.5 515.2 515.5 431.7
Diluted 515.8 516.3 515.9 432.3
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cash flows provided from
operating activities 113 189 140 280
Additions to property,
plant and equipment 36 32 65 46
-------------------------------------------------------------------------
-------------------------------------------------------------------------
---------- ----------
Domtar Corporation
Consolidated Statement of Earnings
(In millions of dollars, unless otherwise noted)
Thirteen Thirteen Twenty-six Twenty-six
weeks weeks weeks weeks
ended ended ended ended
June 29 July 1 June 29 July 1
2008 2007 2008 2007
-------------------------------------------------------------------------
-----(Unaudited)------ -----(Unaudited)------
$ $ $ $
Sales 1,639 1,583 3,304 2,634
Operating expenses
Cost of sales,
excluding depreciation
and amortization 1,336 1,288 2,678 2,146
Depreciation and
amortization 118 132 234 210
Selling, general and
administrative 94 92 206 133
Closure and
restructuring costs 11 2 12 5
-------------------------------------------------------------------------
1,559 1,514 3,130 2,494
-------------------------------------------------------------------------
Operating income 80 69 174 140
Interest expense 37 47 76 58
-------------------------------------------------------------------------
Earnings before income
taxes 43 22 98 82
Income tax expense 19 11 38 22
-------------------------------------------------------------------------
Net earnings 24 11 60 60
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Per common share (in dollars)
Net earnings
Basic 0.05 0.02 0.12 0.14
Diluted 0.05 0.02 0.12 0.14
Weighted average number of
common and exchangeable
shares outstanding
(millions)
Basic 515.5 515.2 515.5 431.7
Diluted 515.8 516.3 515.9 432.3
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Domtar Corporation
Consolidated Balance Sheets at
(In millions of dollars)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
June 29 December 30
-------------------------------------------------------------------------
2008 2007
------(Unaudited)--------
$ $
-----------
Assets
Current assets
Cash and cash equivalents 61 71
Receivables, less allowances of $10 and $9 560 504
Inventories 926 936
Prepaid expenses 37 14
Income and other taxes receivable 77 69
Deferred income taxes 181 182
-------------------------------------------------------------------------
Total current assets 1,842 1,776
Property, plant and equipment, at cost 9,680 9,685
Accumulated depreciation (4,562) (4,323)
-------------------------------------------------------------------------
Net property, plant and equipment 5,118 5,362
Goodwill 363 372
Intangible assets, net of amortization 104 111
Other assets 109 105
-------------------------------------------------------------------------
Total assets 7,536 7,726
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities and shareholders' equity
Current liabilities
Bank indebtedness 38 63
Trade and other payables 743 765
Income and other taxes payable 37 28
Long-term debt due within one year 19 17
-------------------------------------------------------------------------
Total current liabilities 837 873
Long-term debt 2,122 2,213
Deferred income taxes 999 1,003
Other liabilities and deferred credits 361 440
Shareholders' equity
Common stock 5 5
Exchangeable shares 159 293
Additional paid-in capital 2,715 2,573
Retained earnings 107 47
Accumulated other comprehensive income 231 279
-------------------------------------------------------------------------
Total shareholders' equity 3,217 3,197
-------------------------------------------------------------------------
Total liabilities and shareholders'
equity 7,536 7,726
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-----------
Domtar Corporation
Consolidated Statement of Cash Flows
(In millions of dollars)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Thirteen Thirteen Twenty-six Twenty-six
weeks weeks weeks weeks
ended ended ended ended
-------------------------------------------------------------------------
June 29 July 1 June 29 July 1
2008 2007 2008 2007
-----(Unaudited)------ -----(Unaudited)------
$ $ $ $
---------- ----------
Operating activities
Net earnings 24 11 60 60
Adjustments to reconcile
net earnings to cash flows
from operating activities
Depreciation and
amortization 118 132 234 210
Deferred income taxes 1 (4) 13 (15)
Net gains on disposals
of property, plant and
equipment (1) - (1) -
Stock-based compensation
expense 4 1 9 1
Gain on sale of trademark (6) - (6) -
Other 2 - 4 1
Changes in assets and
liabilities, net of
effects of acquisition
Receivables 23 68 (58) (19)
Inventories 11 19 - 27
Prepaid expenses (5) (2) (22) (7)
Trade and other payables (13) (8) (31) 38
Income and other taxes (11) 2 1 16
Difference between
employer pension and
other post-retirement
contributions and
pension and other post-
retirement expense (42) (25) (47) (29)
Other assets and other
liabilities 8 (5) (16) (3)
-------------------------------------------------------------------------
Cash flows provided from
operating activities 113 189 140 280
-------------------------------------------------------------------------
Investing activities
Additions to property,
plant and equipment (36) (32) (65) (46)
Proceeds from disposals
of property, plant and
equipment 1 22 22 22
Proceeds from sale of
trademark 6 - 6 -
Business acquisitions -
cash acquired - - - 573
Other - (4) - (4)
-------------------------------------------------------------------------
Cash flows provided from
(used for) investing
activities (29) (14) (37) 545
-------------------------------------------------------------------------
Financing activities
Net change in bank
indebtedness (49) (23) (26) (3)
Repayment of revolving bank
credit - (90) (50) -
Issuance of short-term debt - - - 1,350
Issuance of long-term debt - - - 800
Repayment of short-term debt - - - (1,350)
Repayment of long-term debt (31) (81) (37) (81)
Debt issue costs - - - (24)
Distribution to Weyerhaeuser
prior to March 7, 2007 - - - (1,431)
Other - (4) - (5)
-------------------------------------------------------------------------
Cash flows used for
financing activities (80) (198) (113) (744)
-------------------------------------------------------------------------
Net increase (decrease) in
cash and cash equivalents 4 (23) (10) 81
Translation adjustments
related to cash and cash
equivalents - (7) - (2)
Cash and cash equivalents
at beginning of period 57 110 71 1
-------------------------------------------------------------------------
Cash and cash equivalents
at end of period 61 80 61 80
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Supplemental cash flow
information
Net cash payments for:
Interest 36 43 55 43
Income taxes 39 18 46 21
-------------------------------------------------------------------------
-------------------------------------------------------------------------
---------- ----------
Domtar Corporation
Supplemental Segmented Information
(In millions of dollars, unless otherwise noted)
---------------------------------------
---------------------------------------
2008
-------
---------------------------------------
---------------------------------------
Q1 Q2 Q3 Q4 YTD
---------------------------------------
---------------------------------------
Papers Segment
Sales ($) 1,429 1,407 2,836
Intersegment sales -
Papers ($) (83) (73) (156)
Operating income ($) 114 92 206
Depreciation &
amortization ($) 110 110 220
Impairment of PP&E ($)
Papers
Papers Production ('000 ST) 1,173 1,146 2,319
Papers Shipments ('000 ST) 1,205 1,137 2,342
Uncoated
freesheet ('000 ST) 1,149 1,096 2,245
Coated
groundwood ('000 ST) 56 41 97
20-lb repro bond,
92 bright (copy)(a)
list price ($/ton) 1,007 1,050 1,029
50-lb offset, rolls(a)
list price ($/ton) 860 907 884
Coated publication
No. 5, 40-lb offset,
rolls(a) list price ($/ton) 900 975 938
Pulp
Pulp Shipments(b) ('000 ADMT) 347 347 694
Hardwood Kraft
Pulp (%) 44% 43% 44%
Softwood Kraft
Pulp (%) 47% 46% 46%
Fluff Pulp (%) 9% 11% 10%
Pulp NBSK - U.S.
market(a) list price ($/ADMT) 880 880 880
Pulp NBHK - Japan
market(a)(c) list
price ($/ADMT) 715 755 735
Paper Merchants Segment
Sales ($) 262 243 505
Intersegment sales -
Paper Merchants ($)
Operating income ($) 3 2 5
Depreciation &
amortization ($) 1 1
Wood Segment
Sales ($) 63 70 133
Intersegment sales -
Wood ($) (6) (8) (14)
Operating loss ($) (22) (12) (34)
Depreciation &
amortization ($) 6 7 13
Impairment of goodwill ($)
Lumber
Production (Millions FBM) 168 155 323
Lumber
Shipments (Millions FBM) 160 181 341
Lumber G.L.
2x4x8 studs(a)
prices ($/MFBM) 277 306 292
Lumber G.L.
2x4 R/L, no. 1 &
no. 2(a) prices ($/MFBM) 291 309 300
Average Exchange Rates CAN 1.004 1.010 1.007
US 0.996 0.990 0.993
---------------------------------------
---------------------------------------
-------
---------------------------------------
---------------------------------------
2007
-------
---------------------------------------
---------------------------------------
Q1 Q2 Q3 Q4 YTD
---------------------------------------
---------------------------------------
Papers Segment
Sales ($) 955 1,349 1,411 1,401 5,116
Intersegment sales -
Papers ($) (24) (66) (72) (73) (235)
Operating income ($) 71 92 133 25 321
Depreciation &
amortization ($) 72 126 122 124 444
Impairment of PP&E ($) 92 92
Papers
Papers Production ('000 ST) 826 1,216 1,187 1,182 4,411
Papers Shipments ('000 ST) 871 1,209 1,261 1,160 4,501
Uncoated
freesheet ('000 ST) 814 1,163 1,194 1,104 4,275
Coated
groundwood ('000 ST) 57 46 67 56 226
20-lb repro bond,
92 bright (copy)(a)
list price ($/ton) 930 963 990 990 968
50-lb offset, rolls(a)
list price ($/ton) 810 810 803 847 818
Coated publication
No. 5, 40-lb offset,
rolls(a) list price ($/ton) 778 748 782 840 787
Pulp
Pulp Shipments(b) ('000 ADMT) 249 335 334 411 1,329
Hardwood Kraft
Pulp (%) 21% 46% 48% 45% 42%
Softwood Kraft
Pulp (%) 61% 41% 40% 46% 46%
Fluff Pulp (%) 18% 13% 12% 9% 12%
Pulp NBSK - U.S.
market(a) list price ($/ADMT) 790 810 837 858 824
Pulp NBHK - Japan
market(a)(c) list
price ($/ADMT) 640 640 658 683 655
Paper Merchants Segment
Sales ($) 76 226 249 262 813
Intersegment sales -
Paper Merchants ($) (1) (1)
Operating income ($) 4 2 6 1 13
Depreciation &
amortization ($) 1 1 2
Wood Segment
Sales ($) 47 90 88 79 304
Intersegment sales -
Wood ($) (3) (15) (16) (16) (50)
Operating loss ($) (4) (20) (13) (26) (63)
Depreciation &
amortization ($) 5 6 6 8 25
Impairment of goodwill ($) 4 4
Lumber
Production (Millions FBM) 68 152 164 158 542
Lumber
Shipments (Millions FBM) 88 227 197 172 684
Lumber G.L.
2x4x8 studs(a)
prices ($/MFBM) 317 335 336 294 321
Lumber G.L.
2x4 R/L, no. 1 &
no. 2(a) prices ($/MFBM) 332 332 343 308 329
Average Exchange Rates CAN 1.172 1.098 1.044 0.981 1.074
US 0.854 0.911 0.958 1.019 0.931
---------------------------------------
---------------------------------------
-------
(a) Source: Pulp & Paper Week and Random Lengths.
(b) Figures are gross of market pulp purchased from other producers on
the open market for some of our paper making operations. Pulp
shipments represents the amount of pulp produced in excess of our
internal requirement.
(c) Based on Pulp & Paper Week's Southern Bleached Hardwood Kraft pulp
prices for Japan, increased by an average differential of $15/ADMT
between Northern and Southern Bleached Hardwood Kraft pulp prices.
Domtar Corporation
Reconciliation of Non-GAAP Financial Measures
(In millions of dollars, unless otherwise noted)
The following table sets forth certain non-U.S. generally accepted
accounting principles ("GAAP") financial metrics identified in bold as
"Earnings Before Items," "EBITDA," "EBITDA Before Items," "Free Cash Flow,"
"Net Debt" and "Net Debt-to-Total Capitalization." Management believes that
the financial metrics presented are frequently used by investors and are
useful to evaluate the ability to service debt and the overall credit profile
of the company. Management believes these metrics are also useful to measure
the operating performance and benchmark with peers within the industry. These
metrics are presented as a complement to enhance the understanding of
operating results but not in substitution for GAAP results.
The company calculates "Earnings Before Items" and "EBITDA Before Items"
by excluding the after-tax (pre-tax) effect of items considered by management
as not typifying the Net earnings (loss) reported under U.S. GAAP. Management
uses these measures to focus on ongoing operations and believes that it is
useful to investors because it enables them to perform meaningful comparisons
between periods. Domtar believes that using this information along with Net
earnings (loss) provides for a more complete analysis of the results of
operations. Net earnings (loss) is the most directly comparable GAAP measure.
---------------------------------------
---------------------------------------
2008
-------
---------------------------------------
---------------------------------------
Q1 Q2 Q3 Q4 YTD
---------------------------------------
---------------------------------------
Reconciliation of "Earnings
Before Items" to Net
Earnings (Loss)
Net earnings (loss) ($) 36 24 60
(-) Reversal of a
provision for
unfavorable contract ($) (17) (17)
(+) Costs related to
synergies, integration
and optimization ($) 5 5 10
(+) Closure and
restructuring costs ($) 1 7 8
(-) Gain related to
the sale of
trademarks ($) (4) (4)
(+) Impairment of goodwill
and property, plant
and equipment ($)
(-) Gains for lawsuit and
insurance claim
settlements ($)
(+) Expenses related to the
debt restructuring ($)
(-) Gain related to change
in statutory income
tax rate ($)
(-) Gains related to
financial instruments ($)
(=) Earnings Before
Items ($) 25 32 57
Reconciliation of "EBITDA"
and "EBITDA Before Items" to
Net Earnings (Loss)
Net earnings (loss) ($) 36 24 60
(+) Income tax expense
(benefit) ($) 19 19 38
(+) Interest expense ($) 39 37 76
(=) Operating
income ($) 94 80 174
(+) Depreciation and
amortization ($) 116 118 234
(+) Impairment of goodwill
and property, plant
and equipment ($)
(equal sign) EBITDA ($) 210 198 408
(-) Reversal of a
provision for
unfavorable contract ($) (23) (23)
(+) Costs related to
synergies, integration
and optimization ($) 8 9 17
(+) Closure and
restructuring costs ($) 1 11 12
(-) Gain related to
the sale of
trademarks ($) (6) (6)
(-) Gains for lawsuit and
insurance claim
settlements ($)
(-) Gains related to
financial instruments ($)
(=) EBITDA Before
Items ($) 196 212 408
Reconciliation of "Free Cash
Flow" to Cash Flow from
Operating Activities
Cash flow provided from
operating activities ($) 27 113 140
(-) Additions to property,
plant and equipment ($) (29) (36) (65)
(=) Free Cash
Flow ($) (2) 77 75
"Net Debt-to-Total
Capitalization" Computation
Bank indebtedness ($) 86 38
(+) Current portion of
long-term debt ($) 17 19
(+) Long-term debt ($) 2,155 2,122
(-) Cash and cash
equivalents ($) (57) (61)
(=) Net
debt ($) 2,201 2,118
(+) Shareholders' equity ($) 3,172 3,217
(=) Total
capitalization ($) 5,373 5,335
Net debt ($) 2,201 2,118
(/) Total capitalization ($) 5,373 5,335
(=) Net Debt-to-Total
Capitalization (%) 41% 40%
---------------------------------------
---------------------------------------
-------
---------------------------------------
---------------------------------------
2007
-------
---------------------------------------
---------------------------------------
Q1 Q2 Q3 Q4 YTD
---------------------------------------
---------------------------------------
Reconciliation of "Earnings
Before Items" to Net
Earnings (Loss)
Net earnings (loss) ($) 49 11 36 (26) 70
(-) Reversal of a
provision for
unfavorable contract ($)
(+) Costs related to
synergies, integration
and optimization ($) 4 4 8 14 30
(+) Closure and
restructuring costs ($) 2 1 1 5 9
(-) Gain related to
the sale of
trademarks ($)
(+) Impairment of goodwill
and property, plant
and equipment ($) 66 66
(-) Gains for lawsuit and
insurance claim
settlements ($) (35) (35)
(+) Expenses related to the
debt restructuring ($) 17 17
(-) Gain related to change
in statutory income
tax rate ($) (6) (1) 3 (11) (15)
(-) Gains related to
financial instruments ($) (6) (4) (1) (11)
(=) Earnings Before
Items ($) 49 9 44 29 131
Reconciliation of "EBITDA"
and "EBITDA Before Items" to
Net Earnings (Loss)
Net earnings (loss) ($) 49 11 36 (26) 70
(+) Income tax expense
(benefit) ($) 11 11 39 (32) 29
(+) Interest expense ($) 11 47 48 65 171
(=) Operating
income ($) 71 69 123 7 270
(+) Depreciation and
amortization ($) 78 132 128 133 471
(+) Impairment of goodwill
and property, plant
and equipment ($) 96 96
(equal sign) EBITDA ($) 149 201 251 236 837
(-) Reversal of a
provision for
unfavorable contract ($)
(+) Costs related to
synergies, integration
and optimization ($) 7 6 14 21 48
(+) Closure and
restructuring costs ($) 3 2 2 7 14
(-) Gain related to
the sale of
trademarks ($)
(-) Gains for lawsuit and
insurance claim
settlements ($) (51) (51)
(-) Gains related to
financial instruments ($) (10) (6) (2) (18)
(=) EBITDA Before
Items ($) 159 199 261 211 830
Reconciliation of "Free Cash
Flow" to Cash Flow from
Operating Activities
Cash flow provided from
operating activities ($) 91 189 144 182 606
(-) Additions to property,
plant and equipment ($) (14) (32) (19) (51) (116)
(=) Free Cash
Flow ($) 77 157 125 131 490
"Net Debt-to-Total
Capitalization" Computation
Bank indebtedness ($) 89 74 75 63
(+) Current portion of
long-term debt ($) 21 19 19 17
(+) Long-term debt ($) 2,577 2,425 2,356 2,213
(-) Cash and cash
equivalents ($) (110) (80) (136) (71)
(=) Net
debt ($) 2,577 2,438 2,314 2,222
(+) Shareholders' equity ($) 2,941 3,094 3,212 3,197
(=) Total
capitalization ($) 5,518 5,532 5,526 5,419
Net debt ($) 2,577 2,438 2,314 2,222
(/) Total capitalization ($) 5,518 5,532 5,526 5,419
(=) Net Debt-to-Total
Capitalization (%) 47% 44% 42% 41%
---------------------------------------
---------------------------------------
-------
"Earnings Before Items," "EBITDA," "EBITDA Before Items," "Free Cash Flow"
and "Net Debt-to-Total Capitalization" have no standardized meaning prescribed
by GAAP and are not necessarily comparable to similar measures presented by
other companies and therefore should not be considered in isolation or as a
substitute for Net earnings (loss), Operating income (loss) or any other
earnings statement, cash flow statement or balance sheet financial information
prepared in accordance with GAAP. It is important for readers to understand
that certain items may be presented in different lines by different companies
on their financial statements thereby leading to different measures for
different companies.
Domtar Corporation
Reconciliation of Non-GAAP Financial Measures - By Segment 2008
(In millions of dollars, unless otherwise noted)
The following table sets forth certain non-U.S. generally accepted
accounting principles ("GAAP") financial metrics identified as "Operating
Income Before Items" and "EBITDA Before Items" by reportable segment.
Management believes that the financial metrics presented are frequently used
by investors and are useful to measure the operating performance and benchmark
with peers within the industry. These metrics are presented as a complement to
enhance the understanding of operating results but not in substitution for
GAAP results.
The company calculates segment "Operating Income Before Items" by
excluding the pre-tax effect of items considered by management as not
typifying the segment Operating income (loss) reported under U.S. GAAP.
Management uses these measures to focus on ongoing operations and believes
that it is useful to investors because it enables them to perform meaningful
comparisons between periods. Domtar believes that using this information along
with Net earnings (loss) provides for a more complete analysis of the results
of operations. Operating Income (loss) by segment is the most directly
comparable GAAP measure.
---------------------------------------
---------------------------------------
Papers
-------
---------------------------------------
---------------------------------------
Q1'08 Q2'08 Q3'08 Q4'08 YTD
---------------------------------------
---------------------------------------
Reconciliation of Operating
Income to "Operating Income
Before Items"
Operating Income (loss) ($) 114 92 206
(-) Reversal of a provision
for unfavorable
contract ($) (23) (23)
(+) Costs related to
synergies, integration
and optimization ($) 8 9 17
(+) Closure and
restructuring costs ($) 1 11 12
(-) Gain related to
the sale of
trademarks ($) (6) (6)
(=) Operating Income Before
Items ($) 100 106 206
Reconciliation of "Operating
Income Before Items" to
"EBITDA Before Items"
Operating Income Before
Items ($) 100 106 206
(+) Depreciation and
amortization ($) 110 110 220
(=) EBITDA Before
Items ($) 210 216 426
---------------------------------------
---------------------------------------
-------
---------------------------------------
---------------------------------------
Paper Merchants
-------
---------------------------------------
---------------------------------------
Q1'08 Q2'08 Q3'08 Q4'08 YTD
---------------------------------------
---------------------------------------
Reconciliation of Operating
Income to "Operating Income
Before Items"
Operating Income (loss) ($) 3 2 5
(-) Reversal of a provision
for unfavorable
contract ($)
(+) Costs related to
synergies, integration
and optimization ($)
(+) Closure and
restructuring costs ($)
(-) Gain related to
the sale of
trademarks ($)
(=) Operating Income Before
Items ($) 3 2 5
Reconciliation of "Operating
Income Before Items" to
"EBITDA Before Items"
Operating Income Before
Items ($) 3 2 5
(+) Depreciation and
amortization ($) 1 1
(=) EBITDA Before
Items ($) 3 3 6
---------------------------------------
---------------------------------------
-------
---------------------------------------
---------------------------------------
Wood
-------
---------------------------------------
---------------------------------------
Q1'08 Q2'08 Q3'08 Q4'08 YTD
---------------------------------------
---------------------------------------
Reconciliation of Operating
Income to "Operating Income
Before Items"
Operating Income (loss) ($) (22) (12) (34)
(-) Reversal of a provision
for unfavorable
contract ($)
(+) Costs related to
synergies, integration
and optimization ($)
(+) Closure and
restructuring costs ($)
(-) Gain related to
the sale of
trademarks ($)
(=) Operating Income Before
Items ($) (22) (12) (34)
Reconciliation of "Operating
Income Before Items" to
"EBITDA Before Items"
Operating Income Before
Items ($) (22) (12) (34)
(+) Depreciation and
amortization ($) 6 7 13
(=) EBITDA Before
Items ($) (16) (5) (21)
---------------------------------------
---------------------------------------
-------
---------------------------------------
---------------------------------------
Corporate
-------
---------------------------------------
---------------------------------------
Q1'08 Q2'08 Q3'08 Q4'08 YTD
---------------------------------------
---------------------------------------
Reconciliation of Operating
Income to "Operating Income
Before Items"
Operating Income (loss) ($) (1) (2) (3)
(-) Reversal of a provision
for unfavorable
contract ($)
(+) Costs related to
synergies, integration
and optimization ($)
(+) Closure and
restructuring costs ($)
(-) Gain related to
the sale of
trademarks ($)
(=) Operating Income Before
Items ($) (1) (2) (3)
Reconciliation of "Operating
Income Before Items" to
"EBITDA Before Items"
Operating Income Before
Items ($) (1) (2) (3)
(+) Depreciation and
amortization ($)
(=) EBITDA Before
Items ($) (1) (2) (3)
---------------------------------------
---------------------------------------
-------
"Operating Income Before Items" and "EBITDA Before Items" have no
standardized meaning prescribed by GAAP and are not necessarily comparable to
similar measures presented by other companies and therefore should not be
considered in isolation or as a substitute for Operating income (loss), or any
other earnings statement, cash flow statement or balance sheet financial
information prepared in accordance with GAAP. It is important for readers to
understand that certain items may be presented in different lines by different
companies on their financial statements thereby leading to different measures
for different companies.
Domtar Corporation
Reconciliation of Non-GAAP Financial Measures - By Segment 2007
(In millions of dollars, unless otherwise noted)
The following table sets forth certain non-U.S. generally accepted
accounting principles ("GAAP") financial metrics identified as "Operating
Income Before Items" and "EBITDA Before Items" by reportable segment.
Management believes that the financial metrics presented are frequently used
by investors and are useful to measure the operating performance and benchmark
with peers within the industry. These metrics are presented as a complement to
enhance the understanding of operating results but not in substitution for
GAAP results.
The company calculates segment "Operating Income Before Items" by
excluding the pre-tax effect of items considered by management as not
typifying the segment Operating income (loss) reported under U.S. GAAP.
Management uses these measures to focus on ongoing operations and believes
that it is useful to investors because it enables them to perform meaningful
comparisons between periods. Domtar believes that using this information along
with Net earnings (loss) provides for a more complete analysis of the results
of operations. Operating Income (loss) by segment is the most directly
comparable GAAP measure.
---------------------------------------
---------------------------------------
Papers
-------
---------------------------------------
---------------------------------------
Q1'07 Q2'07 Q3'07 Q4'07 YTD
---------------------------------------
---------------------------------------
Reconciliation of Operating
Income to "Operating Income
Before Items"
Operating Income (loss) ($) 71 92 133 25 321
(+) Costs related to
synergies, integration
and optimization ($) 7 6 14 21 48
(-) Gains for lawsuit and
insurance claim
settlements ($) (39) (39)
(-) Gains related to
financial instruments ($) (10) (6) (2) (18)
(+) Closure and
restructuring costs ($) 2 2 2 7 13
(+) Impairment of goodwill
and property, plant
and equipment ($) 92 92
(=) Operating Income Before
Items ($) 80 90 143 104 417
Reconciliation of "Operating
Income Before Items" to
"EBITDA Before Items"
Operating Income Before
Items ($) 80 90 143 104 417
(+) Depreciation and
amortization ($) 72 126 122 124 444
(=) EBITDA Before
Items ($) 152 216 265 228 861
---------------------------------------
---------------------------------------
-------
---------------------------------------
---------------------------------------
Paper Merchants
-------
---------------------------------------
---------------------------------------
Q1'07 Q2'07 Q3'07 Q4'07 YTD
---------------------------------------
---------------------------------------
Reconciliation of Operating
Income to "Operating Income
Before Items"
Operating Income (loss) ($) 4 2 6 1 13
(+) Costs related to
synergies, integration
and optimization ($)
(-) Gains for lawsuit and
insurance claim
settlements ($)
(-) Gains related to
financial instruments ($)
(+) Closure and
restructuring costs ($)
(+) Impairment of goodwill
and property, plant
and equipment ($)
(=) Operating Income Before
Items ($) 4 2 6 1 13
Reconciliation of "Operating
Income Before Items" to
"EBITDA Before Items"
Operating Income Before
Items ($) 4 2 6 1 13
(+) Depreciation and
amortization ($) 1 1 2
(=) EBITDA Before
Items ($) 5 2 6 2 15
---------------------------------------
---------------------------------------
-------
---------------------------------------
---------------------------------------
Wood
-------
---------------------------------------
---------------------------------------
Q1'07 Q2'07 Q3'07 Q4'07 YTD
---------------------------------------
---------------------------------------
Reconciliation of Operating
Income to "Operating Income
Before Items"
Operating Income (loss) ($) (4) (20) (13) (26) (63)
(+) Costs related to
synergies, integration
and optimization ($)
(-) Gains for lawsuit and
insurance claim
settlements ($)
(-) Gains related to
financial instruments ($)
(+) Closure and
restructuring costs ($) 1 1
(+) Impairment of goodwill
and property, plant
and equipment ($) 4 4
(=) Operating Income Before
Items ($) (3) (20) (13) (22) (58)
Reconciliation of "Operating
Income Before Items" to
"EBITDA Before Items"
Operating Income Before
Items ($) (3) (20) (13) (22) (58)
(+) Depreciation and
amortization ($) 5 6 6 8 25
(=) EBITDA Before
Items ($) 2 (14) (7) (14) (33)
---------------------------------------
---------------------------------------
-------
---------------------------------------
---------------------------------------
Corporate
-------
---------------------------------------
---------------------------------------
Q1'07 Q2'07 Q3'07 Q4'07 YTD
---------------------------------------
---------------------------------------
Reconciliation of Operating
Income to "Operating Income
Before Items"
Operating Income (loss) ($) (5) (3) 7 (1)
(+) Costs related to
synergies, integration
and optimization ($)
(-) Gains for lawsuit and
insurance claim
settlements ($) (12) (12)
(-) Gains related to
financial instruments ($)
(+) Closure and
restructuring costs ($)
(+) Impairment of goodwill
and property, plant
and equipment ($)
(=) Operating Income Before
Items ($) (5) (3) (5) (13)
Reconciliation of "Operating
Income Before Items" to
"EBITDA Before Items"
Operating Income Before
Items ($) (5) (3) (5) (13)
(+) Depreciation and
amortization ($)
(=) EBITDA Before
Items ($) (5) (3) (5) (13)
---------------------------------------
---------------------------------------
-------
"Operating Income Before Items" and "EBITDA Before Items" have no
standardized meaning prescribed by GAAP and are not necessarily comparable to
similar measures presented by other companies and therefore should not be
considered in isolation or as a substitute for Operating income (loss), or any
other earnings statement, cash flow statement or balance sheet financial
information prepared in accordance with GAAP. It is important for readers to
understand that certain items may be presented in different lines by different
companies on their financial statements thereby leading to different measures
for different companies.
>>
SOURCE: DOMTAR CORPORATION
Media Relations: Michel A. Rathier, (514) 848-5103, communications@domtar.com; Investor Relations: Pascal Bossé, (514) 848-5938, ir@domtar.com
Tags: accounting acquisition bank bond business capitalization ceo chemicals commercial conference contract contributions corporate debt earnings ebitda economy energy environment equity expansion family financial results freight gaap industrial insurance japan law lawsuit lumber manufacturer manufacturing market media north america nyse plant president prices productivity products profit property rates restructuring retirement sales statistics tax taxes trade
Companies: Domtar, Inc. (DTC), U.S. Foodservice (UFS), U.S. Foodservice (UFS)
Weyerhaeuser, Lenzing Agree To Co-Develop Cellulose-Based Fiber - Zibb.com
Jul 18, 2008 (financialwire.net via COMTEX) --
July 18, 2008 (FinancialWire) Lenzing and Weyerhaeuser (NYSE: WY) (Current Market Cap. US$10.88 Bil.) will begin working together on the development of novel lyocell-based nonwoven fabrics, according to a memordandum of understanding signed on July 15.
The objective of the collaboration is to develop a technology for the large-scale industrial production of an innovative and sustainable cellulose-based material for industrial and personal care applications. The technology will provide an alternative to petroleum-based materials in nonwoven products with raw materials based on renewable wood fiber.
The product is based on lyocell technology in which a solution of cellulose is processed directly and without intermediate process steps into a nonwoven fabric.
FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .
Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
http://www.financialwire.net
Tags: communications industrial market nyse petroleum products standards technology
Companies: Weyerhaeuser Co. (WY)
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- Domtar Corporation reports second quarter 2008 financial results - Zibb.com
- Weyerhaeuser, Lenzing Agree To Co-Develop Cellulose-Based Fiber - Zibb.com
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