SAN FRANCISCO, Sept. 11, 2014 (RISI) -International Paper (IP) has "moved from a study phase to a more serious evaluation phase" of a master limited partnership (MLP) tax structure for its virgin containerboard mills, CEO John Faraci told a UBS investment conference on Thursday.
"We discussed (the concept) with our board and frankly we were intrigued," he noted.
Faraci said the company is working with advisors to be ready to file for a private letter ruling with the Internal Revenue Service (IRS) if moving assets into an MLP would "create value for shareholders."Read more
SAN FRANCISCO, Sept. 11, 2014 (RISI) -International Paper (IP) has decided to restart the idle containerboard machine at its Valliant, OK, mill sometime later next year, CEO John Faraci told a UBS investment conference Thursday.
He said the $90 million price tag for preparing the machine to run again is "very cost effective" for 360,000 tons/yr of additional capacity at a mill "which has the lowest fixed cost per ton of any facility at IP." The machine, which previously made semichemical medium, was idled in late 2008.Read more
The company last week restarted the No. 1 machine at its West Point, VA, mill, but the No. 1 machine at its Seminole mill in Jacksonville, FL, remains down. Each machine has a capacity of around 510 tons/day of recycled medium.Read more
SAN FRANCISCO, Aug. 11, 2014 (RISI) -RockTenn has installed three new Mitsubishi EVOL flexo-folder-gluers in its Syracuse, NY, New Lenox, IL, and Covington, GA, box plants during the June quarter.
"Each of the three plants is operating more efficiently as a result of the new equipment as well as producing higher quality boxes," CEO Steve Voorhees told analysts in the company's recent conference call.Read more
OAKLAND, Aug. 8, 2014 (PPI Pulp & Paper Week) -RockTenn (RKT) continues to upgrade its North American box plant system since the acquisition of Smurfit-Stone Container in 2011, closing 21 box plants over the past three years and increasing volume per plant by 8.9%, the company told analysts in its conference call last week.
The company operates about 98 corrugated converting plants in the US and Canada.Read more
OAKLAND, Aug. 1, 2014 (PPI Pulp & Paper Week) -Pratt Industries shifted suppliers for its new 360,000 tons/yr lightweight recycled containerboard machine at its Valparaiso, IN, mill, in a move that may delay the startup date of the project by several months.
The company unit building the new greenfield mill, Pratt Paper LLC, on July 9 entered into a new agreement "on favorable terms" with Valmet to supply the new paper machine, according to Pratt general counsel Douglas Balyeat.Read more
"The Crockett acquisition was important for us strategically, giving us a larger presence in the growing Los Angeles and Southern California markets," said exec VP Tom Hassfurther. He said Crockett was "in a market where we definitely had some capacity constraints."Read more
"We had an outstanding quarter driven by strong corrugated products volume, higher prices, and lower costs," said CEO Mark Kowlzan. "We also successfully completed annual maintenance outages at three of our mills.Read more