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    Producers of pulp, mechanical pulp, paper and board


    Resolute Forest Products

    Canada, Montreal, Québec


     
    17.09.2014   Resolute Announces Permanent Closure of Laurentide Mill in Shawinigan, Quebec    ( Company news )

    Company news Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) announced the permanent closure of its Laurentide paper mill in Shawinigan, Quebec. The restart of a competitor's mill at the end of 2012, the high cost of fiber, as well as higher transportation and fuel costs, have affected the mill's competitiveness.

    "We made every effort to find a way to improve the Laurentide mill's performance. Unfortunately, due to its cost structure and challenging market conditions, there is no economically viable option for the mill," stated Richard Garneau, President and Chief Executive Officer. In operation for over 126 years, the Laurentide mill employs 275, with an annual production capacity of 191,000 metric tons of commercial printing papers. The permanent closure will take effect on or about October 15, 2014.

    The Company understands the impact this decision will have on employees, their families and the local community. Resolute will work with union representatives and government officials to respond to the needs of affected employees and encourage a smooth transition. Management will also ensure that each employee receives support, that the relevant conditions in the collective agreements are respected, and that as many employees as possible are transferred to other Company facilities.

    "We will do our utmost to ensure employee safety during the transition. We will also work closely with our customers to continue to meet their needs," added Garneau.
    (Resolute Forest Products)
     
    05.08.2014   Resolute Reports Preliminary Second Quarter 2014 Results    ( Company news )

    Company news -Q2 adjusted EBITDA of $108 million / net income of $0.20 per share, excluding special items
    -Significant cost and margin improvement following weather-affected Q1
    -Strong lumber and paper shipments
    -GAAP net loss of $2 million / $0.02 per share

    Photo: Richard Garneau, president and chief executive officer

    Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today reported net income for the quarter ended June 30, 2014, excluding special items, of $19 million, or $0.20 per share, up from net income, excluding special items, of $18 million, or $0.19 per share, in the second quarter of 2013. GAAP net loss was $2 million, or $0.02 per share, compared to a net loss of $43 million, or $0.45 per share, in the second quarter of 2013. Sales were $1.1 billion in the quarter, down $16 million from the second quarter of 2013.

    "Costs and margins normalized this quarter after the disappointing weather-affected first quarter, delivering much stronger performances in each of our four segments," said Richard Garneau, president and chief executive officer. "We generated 50% of our adjusted EBITDA from our wood products and market pulp businesses in the last twelve months. Our competitive advantage rests on our cost-focused strategy and diversified asset base, giving us the tools to maximize earnings power in this challenging industry."

    Consolidated Quarterly Operating Income Variance Against Year-Ago Period
    The Company recorded an operating loss of $8 million in the second quarter, compared to operating income of $3 million in the year-ago period. Overall pricing was essentially unchanged in the quarter, as the 8% increase in market pulp prices was offset with lower average transaction prices in newsprint, specialty papers and wood products. Newsprint shipments rose by 3% and wood products by 22%, while specialty papers shipments were 2% lower. The increase in lumber shipments reflects an increase to production capacity and better market demand. Market pulp shipments were down by 15%, however, in part due to more internal consumption of hardwood kraft pulp and slowing North American demand, particularly softwood and recycled grades. With lower start-up costs and pension and other postretirement benefit expenses, overall manufacturing costs continued to improve. The Company also benefitted from its electricity cogeneration assets and asset optimization initiatives, offset in part by an increase in overall fiber costs and in maintenance and repair costs. The weaker Canadian dollar had a $22 million favorable effect on operating income.
    The Company incurred $52 million of accelerated depreciation and other closure-related costs, most of which came from the permanent closure of an idled paper machine at its Catawba mill in South Carolina. Selling, general and administrative expenses were $3 million lower in the quarter, primarily because of a reduction in project costs and the weaker Canadian dollar.

    Segment Operating Income Variance Against Prior Quarter
    Newsprint
    At $18 million in the second quarter, newsprint generated $33 million more operating income compared to the first quarter. Shipments rose by 6%, or 32,000 metric tons, as the Company recovered from weather-related production disruptions and mechanical failures experienced in the first quarter, despite fiber availability limitations at certain mills in Québec. Export shipments represented 40% of total newsprint volume, compared to 44% in all of 2013. Average transaction price was essentially unchanged but the realized margin rose significantly due to a 9% drop in operating cost per unit (the "delivered cost"), to $568 per metric ton. The change in the delivered cost is due to the influence of the severe winter in the first quarter and lower, non-weather related maintenance costs in the second quarter. Finished goods inventory rose by 14%.

    Specialty Papers
    Specialty papers generated an operating loss of $3 million in the quarter, compared to a loss of $24 million in the previous quarter. While the overall average transaction price was unchanged, higher realized pricing for white papers was offset by the effect of lower pricing for coated mechanical grades and, to a lesser degree, supercalender grades. Volume rose by 8% overall, led mostly by stronger shipments of white papers but also including improvements in other grades. The increase reflects a seasonal pick-up in catalogue and retail end-uses from first quarter lows as well as better production consistency following the weather-related production disruptions and mechanical failures experienced in the first quarter. The delivered costs normalized to seasonally-consistent levels, falling by 7%. There was a 15% increase in finished goods inventory.

    Market Pulp
    Operating income in the market pulp segment rose by $16 million in the second quarter, to $24 million. Better realized pricing, strongest in fluff pulp grades but also meaningful in softwood and recycled grades, led to an overall 4% increase in average transaction price. Shipments did not improve as expected following the effects of weather-related production disruptions and distribution constraints in the first quarter. This reflects greater internal consumption of hardwood kraft pulp and softening North American demand, particularly softwood and recycled grades. The delivered cost fell by 3%, to $652 per metric ton, normalizing to seasonally-consistent levels following the difficulties in the first quarter. Finished goods inventory rose by 15,000 metric tons, or 15%.

    Wood Products
    Compared to the first quarter, operating income in the wood products segment rose by $3 million, to $15 million. The average transaction price was unchanged, reflecting the largely offsetting effect of higher market prices for stud lumber grades and lower market prices for random length lumber grades. Despite continued distribution constraints for lack of carrier availability carried over from the first quarter, shipments were 19% higher, which in turn cut finished goods inventory by 13% from the high levels reached in the first quarter. The delivered cost rose by 1% in the quarter.

    Outlook
    Mr. Garneau added: "Our conscious effort to reduce lumber inventory in the second quarter helped improve shipments in this segment. With inventories closer to normal levels, we expect shipments to normalize in the third quarter. Despite the ongoing slow recovery in U.S. housing starts, prices for eastern grades held up in July. With our scale, financial strength and lower-cost operating platform, we've positioned ourselves as a long-term, reliable supplier for our customers, and our newsprint business has responded well, especially in the domestic market. But we're not expecting much improvement in export markets for the remainder of the year, based on lower international demand. As some major hardwood pulp capacity increases are coming online, the balance of the year remains somewhat uncertain for pulp. Pricing in specialty papers is also more uncertain because of the pressure of lower operating rates in coated papers and supercalender grades, although we do expect to see seasonal improvement in shipment volumes."
    (Resolute Forest Products)
     
    24.06.2014   Mercer International Inc. Announces Joint Venture With Resolute Forest Products Inc. to ....    ( Company news )

    Company news ...Commercialize Sustainable New Biomaterial

    Mercer International Inc. ("Mercer" or "the Company") announced the launch of a new joint venture company called Performance BioFilaments Inc. ("Performance BioFilaments") established to commercialize an innovative biomaterial derived from wood fiber called cellulose filaments. The joint venture will be equally owned with Resolute Forest Products Inc. ("Resolute"), a leader in the forest products business.
    Cellulose filaments are derived from wood pulp which has been processed using innovative technology licensed from FPInnovations Inc. ("FPInnovations"), one of the world's leading forest products research organizations. The cellulose filaments' exceptional strength and high aspect ratio make it a unique cellulose-based biomaterial. We believe it has the potential to make a wide array of consumer and industrial products stronger, lighter, more flexible and more durable, while leveraging a sustainable and renewable resource with a low carbon footprint.
    "Commercializing cellulose filaments represents a compelling business opportunity developed through our focus on collaborative innovation and takes one of our initiatives to the next level," says Jimmy S.H. Lee, President and Chairman of Mercer. "We are excited to be working jointly with Resolute, which allows us to leverage our respective global research knowledge and resources to implement the commercialization process for this high potential material."
    Performance BioFilaments will seek joint development partners from a range of industries – from automotive and manufacturing, to construction and high-end consumer products – to develop new commercial product applications for cellulose filaments. While we are optimistic about the potential for commercialization of this product, we recognize that, as with the development of all novel product applications, the process can be lengthy and without assurances.
    Performance BioFilaments will build upon the significant investment made by FPInnovations in technology development and production through its current C$43.1 million cellulose filaments project. All of the know-how gained from their project, as well as commercial development quantities of cellulose filaments, will be available to Performance BioFilaments for its commercialization efforts.
    (Mercer International Inc.)
     
    08.05.2014   Resolute Announces Permanent Closure of Fort Frances Mill    ( Company news )

    Company news Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) announced the permanent closure of its previously idled pulp and paper mill in Fort Frances, Ontario.

    Picture: Richard Garneau, president and chief executive officer

    The company announced an extended period of market-related outage on its remaining paper machine in January. The kraft pulp mill and another paper machine have been idled since November of 2012.
    "We tried hard to find a way to reposition these assets, particularly the pulp mill. But unfortunately, due to end product markets, the mill's operational configuration and its cost position, we've concluded that there was no economically viable option for the pulp and paper operations at Fort Frances," said Richard Garneau, president and chief executive officer.
    The company will provide appropriate notice to staff who were retained to manage the idled facility. Resolute will also work with affected employees, all levels of government and other local authorities on programs to lessen the impact of this permanent closure. Affected employees will be considered for job vacancies and opportunities at other company facilities.
    Resolute is currently exploring opportunities to continue to operate the biomass boiler and electricity-producing steam turbine. The company is also progressing on three important investment initiatives underway in Northwestern Ontario: the construction of a new sawmill in Atikokan; the upgrade and restart of the idled Ignace sawmill; and the construction of a wood pellet plant at the Thunder Bay sawmill.
    (Resolute Forest Products)
     
    04.04.2014   Resolute Expands its Eco-conscious Align Paper Grades    ( Company news )

    Company news Grades use up to 50% less fiber as well as less energy and fewer chemicals

    Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) continues to expand its Align™ brand of environmentally responsible and budget-friendly papers by adding two more superbrite grades, Hybrid and Alternative, to the company's existing offerings of Ecopaque, Equal Offset and Resolute Max.
    "We now offer five different eco-friendly grades in multiple configurations under our Align brand," said John Lafave, Senior Vice President, Pulp and Paper Sales and Marketing. "Customers have even more choice of paper grades that reduce fiber consumption and save money without sacrificing the quality of their printed product."
    Specific grades that will be added to the Align umbrella include Hybrid Smooth, Hybrid Vellum, Hybrid Envelope, Alternative Book, Alternative Offset and Alternative Opaque produced at the company's Calhoun (Tennessee) mill, as well as Alternative Offset and Alternative Book produced at the Alma (Quebec) mill. Align's Hybrid grades are high-yield, opaque offset papers used for commercial printing such as comics, direct mail, directories, envelopes, inserts and manuals. Align's Alternative Offset papers are ideal for a variety of print applications, including book publishing, financial printing, annual reports and direct mail.
    Resolute's Calhoun mill made significant advancements in reducing its environmental footprint in 2013, which qualify certain of its products to become part of the Align family. One of the most important changes involved shifting Calhoun's energy source from coal to natural gas, considerably reducing the mill's greenhouse gas (GHG) emissions.
    Align papers are made with up to 50% less wood fiber compared to freesheet paper, and have an environmental footprint 35% to 85% smaller than the average freesheet grade - including some containing recycled content. In addition, by delivering higher opacity and bulk at a lower basis weight than traditional freesheet, Align helps reduce paper, postage and transportation costs. With Align, environmentally- and value-conscious customers can choose from a range of bright, opaque, high-bulk papers that are designed to meet their specific needs.
    The thermo-mechanical pulping process used to produce Resolute's Align family of papers applies heat and mechanical grinding to wood fibers. With this process, 90% of the wood fiber is used, and it also delivers a marked improvement in efficiency over the chemical pulping process employed to make competitive traditional freesheet from kraft pulp. In the chemical pulping process, the lignin, which is the organic 'glue' that holds the wood fibers together, is removed, and only about half of the original wood fiber is used.
    The Align brand's thermo-mechanical process keeps the lignin in the sheet, along with the cellulose and hemicellulose, which provides the mechanical pulp with higher opacity and greater bulk. The lignin's presence also allows Align papers to be produced with only half the amount of wood fiber needed to make traditional freesheet.
    (Resolute Forest Products)
     
    31.03.2014   Resolute to Invest $105 Million at Calhoun Paper Mill    ( Company news )

    Company news Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) announced a $105 million upgrade to its Calhoun, Tennessee, pulp and paper mill, including the installation of a modern continuous pulp digester and other wood chip processing equipment. When completed by mid-2016, the project will contribute to significantly lower the mill's costs, increase its pulp capacity and improve the mill's versatility.
    "This investment will make a good mill even better," said Richard Garneau, president and chief executive officer. "It will improve the mill's long-term competitiveness by lowering its costs and giving it the flexibility to adjust grade production to changing market dynamics. This is a significant capital project, which reflects the company's commitment to this facility and confidence in the business environment in Tennessee."
    In addition to creating approximately 50 new jobs to join the 480 employees currently at the mill, Resolute expects the project's implementation to produce efficiencies from better wood yield and lower steam and chemical usage. It will also increase the pulp machine's production output and maximize dryer utilization for internal purposes, giving the mill the versatility to manufacture a range of products, including specialty papers such as Resolute's Align™ uncoated freesheet substitutes, and value-added grades not presently in the product offering.
    The Calhoun mill currently operates 3 machines and a pulp dryer and has a total mill capacity of approximately 609,000 metric tons of market pulp, specialty papers and newsprint. Along with Resolute's other mills in the area, it sources its fiber from the competitive and stable U.S. southeast fiber basket.
    "We received support for this project from the State of Tennessee, McMinn County, and the Tennessee Valley Authority, which has supplied power to the mill since its startup in 1954," Garneau continued. "These partners and our employees helped move the project forward quickly, and we appreciate their commitment to our Calhoun operation."
    "For more than 50 years, Resolute Forest Products has had a thriving presence in East Tennessee which can be felt far beyond the borders of our state," stated Bill Hagerty, Commissioner of the Tennessee Department of Economic and Community Development. "Tennessee's global momentum is fueled by companies that extend their brand on a worldwide scale, and with customers in nearly 100 countries, Resolute is one of those companies. I appreciate the company's decision to further expand and invest in Calhoun, and for the jobs that will be created for our citizens."
    "TVA congratulates Resolute Forest Products on its announcement that adds new investment and jobs in Calhoun," said John Bradley, Tennessee Valley Authority's senior vice president of economic development. "Growth like this happens when TVA and economic development partners like the state of Tennessee, McMinn County, and other local leaders support existing business expansion."
    The Calhoun mill has continuously produced paper products at its current site since 1954. Over this period of time, the mill has been a contributor to the community through employment, the purchase of local goods and services, the payment of state and local taxes, charitable contributions and community involvement.
    John Gentry, McMinn County Mayor, explained the role of the operation in the county: "Resolute Forest Products has been an invaluable corporate citizen of McMinn County for over five decades. The company could have chosen to place this expansion at one of their numerous locations, so it goes without saying that this $105 million capital investment makes a strong statement about the company's commitment to its Calhoun plant and the confidence it has in McMinn County's workforce."
    (Resolute Forest Products)
     
    16.08.2013   Resolute Reports Preliminary Second Quarter 2013 Results    ( Company news )

    Company news -Reports Q2 net income of $18 million / $0.19 per share, excluding special items
    -Continues to reduce newsprint cost
    -Reduces annual cash interest burden by $16 million with refinancing

    Picture: Richard Garneau, President and Chief Executive Officer

    Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) reported a net loss of $43 million for the quarter ended June 30, 2013, or $0.45 per share, on sales of $1.1 billion. This compares with a net loss of $17 million, or $0.17 per share, on sales of $1.2 billion in the second quarter ended June 30, 2012.
    Excluding $61 million of special items described below, net income for the quarter was $18 million, or $0.19 per diluted share. Excluding special items of $50 million, net income in the second quarter of 2012 was $33 million, or $0.33 per diluted share. Adjusted EBITDA was $90 million in the quarter, compared to $124 million in the year-ago period.
    "We faced softer pricing conditions overall in the second quarter, but we preserved margin with efficiencies and cost reductions," said Richard Garneau, president and chief executive officer. "Our continued focus on operational excellence in our streamlined asset base makes us competitive even in environments like those facing our industry today."

    OPERATING INCOME VARIANCE
    The Company recorded operating income of $3 million in the second quarter, a $35 million improvement over the second quarter of 2012. Overall sales were down by 5%, or $61 million, to $1.1 billion. Continued cost reductions helped lower manufacturing costs by $23 million, mainly due to lower labor costs and operating efficiencies, in addition to benefits from external power sales from new cogeneration facilities. Higher pricing for wood products mostly offset lower pricing in paper grades, including a $24 million unfavorable change in newsprint pricing.
    Compared to the second quarter of 2012, the Company took 85,000 metric tons less downtime in its pulp and paper segments. Shipments were down $32 million, in line with its efforts to streamline and adapt to changing market dynamics by focusing production in the most cost-effective mills. The Company now operates four fewer machines overall compared to the year-ago period, excluding the three pulp mills acquired with Fibrek Inc. Closure costs associated with these asset optimization initiatives were $76 million higher in last year's second quarter.

    SEGMENT DETAILS

    Newsprint
    Operating income in the newsprint segment was $10 million in the second quarter, a $12 million improvement over the first quarter. The 7% drop in operating cost per unit ("delivered cost"), or $42 per metric ton, more than offset the 3% reduction in average transaction price, or $21 per metric ton, the steepest price drop in three consecutive quarters of declines. Newsprint production costs touched record Company lows in the quarter due to lower labor and seasonal steam costs, and the favorable full-quarter contribution of power sales from the new Thunder Bay cogeneration assets. The Gatineau, Québec, mill began making newsprint in May, and its cogeneration facility made its first sale of power on June 15. Despite lower overall pricing, newsprint sales in the quarter rose by 2% to $364 million because of a 6% increase in shipments. Consistent with the prior quarter, export sales were 45%.

    Coated Papers
    The coated papers segment reported operating income of $2 million in the second quarter, up from breakeven in the first quarter. Sales fell by 6% to $96 million as a result of a 4% drop in average transaction price, or $36 per short ton, and a 2% reduction in volume in a lower-demand environment. Delivered cost, however, dropped by 5%, or $44 per short ton, falling below the trailing twelve month average for the first time since the second quarter of 2011. The improvement in manufacturing costs demonstrates the Company's progress toward operating its Catawba, South Carolina, facility more profitably on only two machines.

    Specialty Papers
    Operating income in the specialty papers segment dropped $8 million from the first quarter to breakeven in the second quarter. Sales rose by 2% to $242 million on a 4% seasonal increase in shipments, partially offset by a 2% reduction in average transaction price, or $15 per short ton. Delivered cost increased by 2%, or $14 per short ton, primarily because of a cold outage at the Calhoun, Tennessee, mill.

    Market Pulp
    The market pulp segment generated operating income of $10 million in the second quarter, $15 million higher than in the previous quarter. Sales increased by 10% to $263 million on a 4% increase in average transaction price, or $27 per metric ton, and a 5% increase in shipments as the Company reduced inventory by 13%. Delivered cost was down 2% as a result of lower wood, labor and maintenance costs, and the favorable full-quarter contribution of power sales from the new Thunder Bay cogeneration assets.

    Wood Products
    Operating income in the wood products segment was $16 million in the second quarter, unchanged from the prior quarter. Sales increased by 3% as shipments rose by 2% and average transaction price improved by 1%, or $4 per thousand board feet. The higher sales were offset by a 1% increase in delivered cost, most of which was due to higher stumpage fees, which are linked to selling prices. The Company scheduled downtime at most of its sawmills during peak vacation periods in the third quarter to reduce the buildup in inventory as a result of lower than expected demand in May and June.

    CORPORATE & FINANCE
    On May 8, the Company completed the private offering of $600 million of 5.875% unsecured senior notes due 2023, using the proceeds to repurchase $496 million of 10.25% senior secured notes due 2018. Refinancing the secured notes with unsecured notes also reduces the annual cash interest burden by $16 million and adds five years to maturity.
    As will be more fully described in the quarterly report on Form 10-Q for the period ended June 30, during the second quarter, the Company changed its accounting policy from the direct expensing of costs associated with planned major maintenance activities to the deferral method. The change in accounting policy was applied retroactively by adjusting comparative consolidated financial statements for the new policy, including the information presented in this earnings release, as applicable.

    OUTLOOK
    Mr. Garneau added: "Domestic newsprint prices have stabilized but the markets remain fragile as North American exports gradually improve. As some international markets are showing, however, conditions can change with currency fluctuations against the U.S. dollar. We expect relatively stable market conditions in market pulp for the balance of the year, and modest seasonal improvements in coated and specialty papers during the third quarter. Except for scheduled maintenance, we plan to run our pulp and paper assets to capacity for the balance of the year to satisfy customer requirements. Our lean and efficient operating platform is our key advantage to compete, even in unstable pricing environments. Conditions in the lumber market are uncertain, as demand improves but pricing fluctuates with mixed signals on U.S. consumption and rapid changes in production capacities. The timing of falling lumber prices late in the second quarter may impact third quarter price realization, as a result of the lag between pricing and delivery."
    (Resolute Forest Products)
     
    21.03.2013   Resolute Forest Products Announces Indefinite Idling of Kraft Mill and Paper Machine in Fort Frances    ( Company news )

    Company news Resolute Forest Products (NYSE: RFP) (TSX: RFP) announced the indefinite idling of the kraft mill and paper machine number 5 (PM5) at its pulp and paper operation in Fort Frances, Ontario (photo). The kraft mill has an annual production capacity of approximately 200,000 metric tons of market pulp, while PM5 has an annual capacity of 105,000 metric tons of groundwood specialty printing papers.
    "The markets for these products are challenging and are expected to remain so. The kraft mill situation is particularly difficult given Fort Frances' operating configuration and the recent decision by a key customer to stop consuming the pulp supplied by Resolute to its mill," said Resolute's President and Chief Executive Officer, Richard Garneau. "Our kraft mill's drying capacity is limited to about 40 percent of its production capacity, making it impossible to continue operating the mill in a profitable manner."
    Resolute is exploring alternative product possibilities for its Fort Frances pulp mill, which will be idled in a manner that will protect the equipment.
    The idling of PM5 is driven by the decrease in consumption as well as the high value of the Canadian dollar.
    "We will monitor market conditions closely and work with key stakeholders to explore ways to improve the mill's cost position," added Garneau.
    The running down of fiber inventories and orderly shutdown of the Fort Frances kraft mill is expected to be completed by late November. PM5 will also continue to operate until late November. Approximately 239 employees will be impacted by the idling.
    Resolute Forest Products will work with affected employees, all levels of government and other local authorities on programs to lessen the impact of the idling. Resolute employees affected by this idling will also be considered for job vacancies and opportunities at other Company facilities. In all cases, employees will be treated in accordance with the applicable collective agreements and Provincial legislation.
    (Resolute Forest Products)
     
    26.11.2012   Resolute Forest Products Announces Indefinite Idling of Kraft Mill and Paper Machine in ...    ( Company news )

    Company news ... Fort Frances

    Resolute Forest Products (NYSE: RFP) (TSX: RFP) announced the indefinite idling of the kraft mill and paper machine number 5 (PM5) at its pulp and paper operation in Fort Frances, Ontario. The kraft mill has an annual production capacity of approximately 200,000 metric tons of market pulp, while PM5 has an annual capacity of 105,000 metric tons of groundwood specialty printing papers.
    "The markets for these products are challenging and are expected to remain so. The kraft mill situation is particularly difficult given Fort Frances' operating configuration and the recent decision by a key customer to stop consuming the pulp supplied by Resolute to its mill," said Resolute's President and Chief Executive Officer, Richard Garneau. "Our kraft mill's drying capacity is limited to about 40 percent of its production capacity, making it impossible to continue operating the mill in a profitable manner."
    Resolute is exploring alternative product possibilities for its Fort Frances pulp mill, which will be idled in a manner that will protect the equipment.
    The idling of PM5 is driven by the decrease in consumption as well as the high value of the Canadian dollar.
    "We will monitor market conditions closely and work with key stakeholders to explore ways to improve the mill's cost position," added Garneau.
    The running down of fiber inventories and orderly shutdown of the Fort Frances kraft mill is expected to be completed by late November. PM5 will also continue to operate until late November. Approximately 239 employees will be impacted by the idling.
    Resolute Forest Products will work with affected employees, all levels of government and other local authorities on programs to lessen the impact of the idling. Resolute employees affected by this idling will also be considered for job vacancies and opportunities at other Company facilities. In all cases, employees will be treated in accordance with the applicable collective agreements and Provincial legislation.
    (Resolute Forest Products)
     
    11.09.2012   Resolute Announces Further Debt Reduction and Share Repurchase Milestone    ( Company news )

    MONTREAL, Sept. 10, 2012 /CNW Telbec/ - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) announced today that it would take advantage of its strong liquidity position to redeem an additional $85 million of its 10.25% senior secured notes due 2018. The Company also announced that it had now repurchased 3.7 million shares of its common stock under the existing $100 million share repurchase program.

    "I'm pleased to say that we have now repurchased more shares than we issued to acquire Fibrek," stated Richard Garneau, president and chief executive officer. "Today's announcements demonstrate our commitment to disciplined capital management - we are using our strong financial position to reduce debt, while also returning cash to shareholders. We will continue to manage capital with the utmost discipline, carefully balancing initiatives to return cash to shareholders with other considerations, such as pursuing sound capital investments and opportunities to further increase Resolute's earnings power."

    The Company will use available cash for the redemption of $85 million in principal amount of the notes, plus accrued and unpaid interest. The redemption is scheduled to occur on October 10, at a redemption price of 103%. Following the redemption, the aggregate face amount of the notes will be approximately $500 million.

    About Resolute Forest Products
    Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including newsprint, commercial printing papers, market pulp and wood products. The Company owns or operates 21 pulp and paper mills and 22 wood products facilities in the United States, Canada and South Korea. Marketing its products in more than 90 countries, Resolute has third-party certified 100% of its managed woodlands to sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.

    Resolute and other member companies of the Forest Products Association of Canada, as well as a number of environmental organizations, are partners in the Canadian Boreal Forest Agreement. The group works to identify solutions to conservation issues that meet the goal of balancing equally the three pillars of sustainability linked to human activities: environmental, social and economic. Resolute is also a member of the World Wildlife Fund's Climate Savers program, in which businesses establish ambitious targets to voluntarily reduce greenhouse gas emissions and work aggressively toward achieving them.

    Cautionary Statements Regarding Forward-looking Information
    Statements in this press release that are not reported financial results or other historical information of Resolute Forest Products Inc. are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "should," "would," "could," "will," "may," "expect," "believe," "anticipate," "attempt," "project" and other terms with similar meaning indicating possible future events or potential impact on our business or Resolute's shareholders.

    The reader is cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on management's current assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. The potential risks and uncertainties that could cause Resolute's actual future financial condition, results of operations and performance to differ materially from those expressed or implied in the presentation referred to above include, but are not limited to, the potential risks and uncertainties set forth under the heading "Risk Factors" in Part I, Item 1A of Resolute's annual report on Form 10-K for the year ended December 31, 2011, filed with the United States Securities and Exchange Commission and the Canadian securities regulatory authorities.

    All forward-looking statements in this press release are expressly qualified by the cautionary statements above and in Resolute's other filings with the SEC and the Canadian securities regulatory authorities. Resolute disclaims any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
    (Resolute Forest Products)
     
    08.08.2012   Resolute Reports Preliminary Second Quarter 2012 Results    ( Company news )

    Company news Photo: Richard Garneau, president and chief executive officer

    -Second quarter adjusted EBITDA of $120 million, up 69% from first quarter
    -$116 million of cash provided by operating activities
    -Net debt of $212 million

    Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP), reported a net loss of $20 million for the second quarter, or $(0.20) per share, on sales of $1.2 billion. This compares with net income of $61 million, or $0.63 per diluted share, on sales of $1.2 billion in the second quarter of 2011.
    Excluding $50 million of special items described below, net income for the quarter was $30 million, or $0.30 per diluted share. Net income excluding special items for the second quarter of 2011 was $63 million, or $0.65 per diluted share, and included a $44 million income tax benefit from a tax reserve adjustment.
    "Resolute's newsprint, specialty papers and wood products segments each delivered their strongest quarterly results in recent history, more than making up for headwinds in the pulp and coated papers segments" said Richard Garneau, president and chief executive officer. "Our cost-focused strategy positions us to continually optimize our diversified asset base and generate cash even in challenging environments."

    SEGMENT DETAILS

    Newsprint
    The newsprint segment generated operating income of $32 million, an $11 million increase over the first quarter of 2012, the result of seasonal improvements in power costs, various mill efficiency initiatives and a weaker Canadian dollar, as well as seasonally higher volume. The increase outweighed a modest decline in transaction price, which is attributable to declining prices in certain export markets, primarily as result of unfavorable currency fluctuations. The Company announced the indefinite idling of its export-focused mill in Nova Scotia in response to these conditions, which have negatively affected exports to these markets.

    Coated Papers
    Operating income in the coated papers segment was $5 million higher in the second quarter than in the first, at $4 million. Operating costs were down $40 per short ton, mainly because of the significant costs associated with an extended outage in the first quarter for maintenance and capital improvements. Shipments were down 5%, while average transaction price was down only 1%. In the quarter, as previously reported, the Company announced the idling, for an indeterminate period, of one paper machine at the Catawba mill, as it explores ways to further improve the mill's overall profitability.

    Specialty Papers
    The specialty papers segment generated operating income of $27 million, a $12 million increase over the previous quarter. Operating costs were $30 per short ton lower in the quarter, due to seasonal improvements in power costs, various mill efficiency initiatives and a weaker Canadian dollar, as well as seasonally higher volume.

    Market Pulp
    Operating loss in the market pulp segment was $7 million, a $14 million improvement from the $21 million operating loss in the previous quarter. Not including Fibrek, which contributed $2 million to operating income in the quarter, average transaction price rose 2% in the second quarter and shipments were up 6%. Shipments increased due in part to annual maintenance in the first quarter at the Coosa Pines and Catawba mills. As planned, the second quarter included major maintenance at two other mills, while the Company chose to delay the last outage to the third quarter. Inventory increased over 60,000 metric tons, reflecting the addition of Fibrek. Starting May 2, Fibrek's northern bleached softwood kraft pulp mill and its two recycled bleached kraft pulp mills have been consolidated within Resolute's market pulp segment.

    Wood Products
    The wood products segment reported operating income of $12 million in the second quarter, compared to a loss of $6 million in the first quarter. Improving North American housing starts led to a $39 per thousand board feet increase in average transaction price, a 5% increase in shipments and an 11% drop in inventory.

    OUTLOOK
    "We are encouraged by the positive momentum building in U.S. housing starts and pleased with the effect this gradual improvement is having on our wood products segment," said Mr. Garneau. "Despite challenging environments, the newsprint segment continues to generate consistent margins, including a noteworthy second quarter 12% EBITDA margin. Keeping with our optimization strategy, we will continue to manage our exposure to export markets where unfavorable currency fluctuations have created difficult conditions for North American producers. We expect a modest improvement in the coated, specialty and newsprint segments as a result of seasonal demand increases, but the impact of recent newsprint and specialty paper mill restart announcements is creating uncertainty. Based on current conditions, we do not see a meaningful improvement in the pulp segment for the balance of the year."
    (Resolute Forest Products)
     
    14.02.2012   Resolute Extends Offer for Fibrek to February 23    ( Company news )

    AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute") (NYSE: ABH) (TSX: ABH), announced that it has extended to February 23 the expiry date for its offer to acquire all the issued and outstanding common shares of Fibrek Inc. (Fibrek, TSX: FBK). The offer to acquire all of the issued and outstanding shares of Fibrek made by Resolute, together with RFP Acquisition Inc., a wholly-owned subsidiary, is more fully described in the offer circular and other ancillary documentation that Resolute filed on December 15, 2011, on the Canadian Securities Administrators' website ("SEDAR"), as varied and extended. The offer will expire at 5:00 p.m. (Eastern Standard Time) on February 23, 2012, unless it is extended or withdrawn by Resolute. Resolute continues to work diligently with a view to obtaining all required approvals from the Canadian regulatory authorities. As of the close of business on February 10, approximately 66 million common shares of Fibrek had been deposited to the offer, representing approximately 52% of the outstanding common shares. Resolute and its board will evaluate all available options concerning the competing offer announced by Fibrek on February 10.
    (Resolute Forest Products)
     
    07.11.2011   AbitibiBowater Announces Improved Operating Earnings for Third Consecutive Quarter    ( Company news )

    -Operating income of $72 million was up $20 million compared to second quarter
    -Net loss of $(0.46) per share; excluding special items, net income of $0.53 per share
    -Net debt of $417 million

    AbitibiBowater Inc. (NYSE: ABH) (TSX: ABH) reported a net loss of $44 million for the third quarter of 2011, or $(0.46) per share, on sales of $1.2 billion. This compares with a net loss of $829 million, or $(14.35) per share, on sales of $1.2 billion in the third quarter of 2010.
    Excluding $96 million of special items described below, net income in the quarter was $52 million, or $0.53 per share, compared with a net loss excluding special items of $95 million, or $(1.65) per share, in the third quarter of 2010.
    "Our operating earnings improved for the third consecutive quarter following emergence at the end of last year," said Richard Garneau, president and chief executive officer. "Overall shipments increased and, with the exception of pulp, pricing in each of our segments was stable or better in this quarter. We continue to make progress in spite of an economy that continues to prove challenging."

    Description of Special Items
    Net loss in the third quarter included a $69 million non-cash charge mainly on translation of Canadian dollar net monetary assets as a result of the significantly weaker Canadian dollar relative to the U.S. dollar when compared to the previous quarter.
    Other special items in the third quarter of 2011, net of tax, included:
    $14 million charge related to asset impairment and closure costs
    $9 million charge for post-emergence expenses
    $3 million severance charge
    $1 million charge related to the sale of assets
    Non-GAAP financial measures, such as adjustments for special items, are reconciled below.

    Segment Details
    Implementation of the plans of reorganization and the application of fresh start accounting materially changed the carrying amounts and classifications reported in the Company's consolidated financial statements. Furthermore, the Company began to allocate all of its selling, general and administrative ("SG&A") expenses back to each product line, with the exception of special items, during the first quarter of 2011. Accordingly, the Company's operating results, including depreciation, for periods before December 31, 2010, are not comparable to the operating results after December 31, 2010.

    Newsprint
    The newsprint segment generated operating income of $18 million in the third quarter, an $8 million decrease from the second quarter. Quarter over quarter sales increased by 9,100 metric tons and the average transaction price remained the same, but average operating costs increased by $13 per metric ton, primarily as a result of a $9 million energy benefit that was recorded in the second quarter on the implementation of an Ontario power program.

    Coated Papers
    The coated papers segment generated operating income of $18 million in the third quarter, $5 million lower than the previous quarter. The benefit of a $15 per short ton increase in average transaction price and higher sales volume was more than offset by an increase of average operating costs of $48 per short ton, mainly on higher chemicals and power costs.

    Specialty Papers
    The specialty papers segment generated operating income of $27 million in the third quarter, $16 million higher than the previous quarter despite lower shipment volume. Quarter over quarter average transaction price increased $23 per short ton, reflecting the continued implementation of previously-reported third quarter price increases, while average operating costs decreased $16 per short ton, as all annual maintenance was completed in the previous quarters.

    Market Pulp
    The market pulp segment generated operating income of $36 million in the third quarter, an increase of $22 million over the second quarter. The average market pulp transaction price decreased $26 in the quarter, reflecting general pricing pressure in the pulp market. This was more than offset by a 13,000 metric ton increase in shipment volumes and a $116 per metric ton reduction in average operating costs, as all annual plant maintenance was completed in the second quarter.

    Wood Products
    The wood products segment reported an operating loss of $3 million in the third quarter, an $11 million improvement compared to the second quarter. The average lumber transaction price for the Company increased $8 per thousand board feet, primarily as a result of the lapse of the 10% lumber export tax on shipments from Canada to the U.S. The average costs decreased by $20 per thousand board feet, due primarily to lower manufacturing costs and a 5% increase in shipments. The Company's operating rate is still very low, with approximately 22% of capacity idled.

    Financing Initiatives
    As previously disclosed, in addition to the $67 million of additional and accelerated past service contributions to its Canadian registered pension plans, the Company is moving forward with its $85 million debt redemption on November 4, 2011. The aggregate face amount of its 10.25% senior secured notes due 2018 will be $586 million following the redemption.

    The Company is also pleased to announce that it has taken advantage of its strong performance in 2011 and favorable financing market conditions to amend its asset-based revolving credit facility. The amendment to the facility, which remains undrawn, extends its maturity from December 2014 to October 2016, reduces borrowing costs and eases many covenants, including the restriction on dividend payments and share repurchases.

    Outlook
    "The seasonal pick-up in paper sales came later and was not as strong as last year," said Garneau. "We expect this trend will produce weaker seasonal demand in the fourth quarter. We also expect to see continued pricing pressure in the pulp segment over the near term and some pressure in export newsprint pricing, as there is excess supply worldwide. With our network of lower-cost manufacturing assets and our strong balance sheet, we are very well positioned to face the challenges ahead."
    (AbitibiBowater Inc.)
     
    12.10.2011   AbitibiBowater Changing Name to Resolute Forest Products    ( Company news )

    AbitibiBowater (NYSE: ABH) (TSX: ABH) announced yesterday that it will change the Company name to Resolute Forest Products as of November 7, 2011.
    "We are changing our name to Resolute Forest Products to better reflect the fundamental characteristics of the Company we are today, including our determination, strength and resolve to be a profitable, sustainable organization," stated Richard Garneau, President and Chief Executive Officer. "With our competitive cost structure, diversified revenue base and strong balance sheet, we are well-positioned for the long term."
    The Company identity change follows an initiative, launched in April 2011, in which employees were invited to suggest a new name for the Company. An internal selection committee and the Executive Team chose Resolute Forest Products from among approximately 1,400 employee submissions.
    "This identity change serves as an opportunity to reposition the Company and to redefine ourselves with customers, shareholders and the communities in which we live and work," continued Garneau.
    On November 7, 2011, the Company will begin using Resolute Forest Products and related visual identity on its marketing materials, website, signage and other communications. When communicating in French, the Company will use the name Produits forestiers Résolu. Prior to the November launch, the Company will continue to be referred to as AbitibiBowater.
    While the Company will be doing business as Resolute Forest Products as of November 7, AbitibiBowater Inc. and its subsidiaries will not change their legal entity names until the Company obtains shareholder approval as required by law. The Company will seek formal shareholder approval at its 2012 Annual General Meeting.
    For customers, suppliers and other stakeholders with whom the Company interacts, little will change beyond how the Company will refer to itself and its products. The Company will operate "business as usual" with respect to invoicing, payments, contracts, Company stocks and stock market listings. AbitibiBowater will work to ensure the transition to the new identity is as smooth and seamless as possible for all its stakeholders.
    The Resolute Forest Products logo calls to mind the forest in which the Company works, the paper and lumber products it manufactures, and the modern and dynamic nature of the organization. Paper products are reflected in the half-circle of the "R", symbolizing a paper roll, as well as in the folds within the logo. The rectangular and triangular shapes, in the legs of the "R", represent wood products and forestry. Through the use of green as a primary color, the design also depicts the Company's determination to be a profitable business, committed to sustainability.
    AbitibiBowater and other member companies of the Forest Products Association of Canada, as well as a number of environmental organizations, are partners in the Canadian Boreal Forest Agreement. The group works to identify solutions to conservation issues that meet the goal of balancing the three pillars of sustainability linked to human activities: economic, social and environmental.
    (AbitibiBowater Inc.)
     
    25.08.2011   AbitibiBowater Announces Plan to Invest in its Iroquois Falls (Ontario) Paper Mill....    ( Company news )

    ... Improving its Competitive Position

    AbitibiBowater (NYSE: ABH) (TSX: ABH) announced a reconfiguration and capital spending program for its paper mill located in Iroquois Falls, Ontario. The investments will improve overall product quality and the mill's competitive position.
    The Company will be investing between C$12-$17 million in the thermo-mechanical pulp mill and on paper machine number 8, the larger of the mill's two machines. The pulp mill investment will result in improved pulp quality with the installation of additional pulp cleaning. Paper machine upgrades will result in improved wet-end formation and newsprint quality. As well, chip receiving and chip handling capabilities will be increased to allow the Iroquois Falls facility to operate on 100% externally supplied chips, with the mill's current woodyard and woodroom being phased out.
    "Today's announcement is a critical step in improving the competitive position of our Iroquois Falls operation for the foreseeable future," said Michel Maillé, Vice President, Pulp and Paper Operations. "While it has been a good site over the years, this investment is necessary to meet today's market and economic realities."
    The reconfiguration follows consultation with both the Town of Iroquois Falls and the employees at the mill and their union representatives.
    The increase in chip receiving and handling capability and the closure of the woodroom and wood yard will occur during the first half of 2012. The reconfiguration will result in a workforce reduction of approximately 60 positions, although the Company hopes the mill demographics will significantly reduce the number of employees who will be laid off given retirement eligibility over the next couple of years. The pulp mill and paper machine investments will be made over the next 12 to 18 months.
    "In addition to improving mill economics, the conversion to 100% externally supplied chips will also provide an outlet for chip residuals from sawmills on the Highway 11 corridor. This will be particularly important as markets for Ontario lumber recover," added Maillé.
    "The investments announced today are consistent with AbitibiBowater's overall strategy of achieving greater efficiency in its existing mills and building on proven competencies," stated Richard Garneau, President and Chief Executive Officer. "Newsprint remains an important component of our business. While market and economic conditions remain challenging, the Company will invest where there is a good resource base, a strong workforce and a receptive investment climate. The investments announced today reflect our view that the Iroquois Falls mill and its employees are worthy of our confidence and that Ontario is a good place to invest."
    (AbitibiBowater Inc.)
     
    01.08.2011   AbitibiBowater Appoints Jo-Ann Longworth as Chief Financial Officer    ( Company news )

    AbitibiBowater Inc. (NYSE: ABH) (TSX: ABH) announced that Jo-Ann Longworth will become Chief Financial Officer, effective August 31, 2011. Ms. Longworth succeeds William G. Harvey, Senior Vice President and Chief Financial Officer. Mr. Harvey will step down from his position on August 31, 2011, during which time he will finalize and release the Company's second quarter financial results. He will also continue to serve as an advisor until March 2012. Currently, Ms. Longworth is serving as Special Advisor to President and Chief Executive Officer Richard Garneau, focusing on specific mandates and ensuring an effective transition with Mr. Harvey.
    "We are pleased to welcome Jo-Ann to the AbitibiBowater team. She has extensive experience and a proven track record with public companies in manufacturing," stated Richard Garneau. "Her knowledge and expertise will be a valued addition to our Executive Team."
    Ms. Longworth served from 2008 to 2010 as Senior Vice President and Chief Accounting Officer with World Color Inc. (formerly Quebecor World Inc.), a public printing and related services company, and helped transition the company to Quad/Graphics Inc. after their acquisition of World Color; as Chief Financial Officer with Skyservice Inc., a private corporate aircraft and air ambulance services provider, from 2007 to 2008; and as Vice President and Controller with Novelis, Inc. in Atlanta, a large U.S. multinational aluminum rolling company that was spun off from Alcan Inc., from 2005 to 2006. Previous to the Novelis spin-off, she held a number of financial and operational roles over a 16-year career within Alcan Inc. During this time, she worked in positions ranging from Director, Investor Relations, at the corporate level in Montreal to Chief Financial Officer of bauxite and alumina operations in Jamaica, and Finance Director of both primary aluminum operations in Quebec and rolled products operations for the Americas and Asia while based in Cleveland. Ms. Longworth is a chartered accountant.
    Mr. Harvey has served as Chief Financial Officer with AbitibiBowater since the merger of Abitibi-Consolidated Inc. and Bowater Incorporated in October 2007. Prior to this, he held the position of Executive Vice President and Chief Financial Officer of Bowater.
    "On behalf of the Board of Directors and employees of AbitibiBowater, I would like to thank Bill for his valued counsel and dedication to the Company. Among other contributions, Bill played a critical role during the Company's restructuring. We wish him our very best in his future endeavors," added Garneau.
    (AbitibiBowater Inc.)
     
    15.02.2011   AbitibiBowater to Permanently Close Paper Production at Coosa Pines, Alabama Operation    ( Company news )

    AbitibiBowater announced yesterday that it will permanently close its paper machine at its Coosa Pines, Alabama operation and cease its pilot project to manufacture recycled lightweight and ultra lightweight packaging and linerboard grades within the next 30 days. AbitibiBowater remains committed to its fluff pulp assets at the facility.
    "Coosa Pines has made progress in the production of recycled lightweight and ultra lightweight packaging and linerboard. Upon review, however, the substantial capital investment that would be required at the site to make it low-cost in these grades could not be justified," stated Richard Garneau, President and Chief Executive Officer.
    The Company estimates it will incur cash closure costs of approximately $4 million related to severance and other closure charges as a result of the permanent closure of the paper machine at the Coosa Pines mill. The majority of these closure costs will be paid during the first half of 2011. A non-cash asset charge of approximately $10 million will be taken to reflect this permanent closure. Approximately 150 employees are affected by this closure.
    "The decision to cease paper production at the Coosa Pines mill was difficult as we are mindful of the impact it will have on affected employees," added Garneau. "The Company also remains committed to customer service and delivery of high-quality products and will work closely with customers to ensure a smooth transition." (AbitibiBowater Inc.)
     
    26.01.2011   AbitibiBowater Names New Executive Team    ( Company news )

    AbitibiBowater announced the selection of a new Executive Team, reporting directly to Richard Garneau, President and Chief Executive Officer. This leadership transition includes a number of senior management changes, supporting the Company's execution of its business strategy.
    "The Executive Team we have put in place represents an excellent blend of proven experience and fresh thinking. I look forward to working with the team to further improve AbitibiBowater's operational efficiencies and financial flexibility, while offering a broad mix of quality products to our customers globally," stated Richard Garneau. "We believe that with the support of all Company employees, we can deliver on our commitment to further reduce costs and enhance our competitiveness. Working as one team, we can respond to the reality of ongoing market challenges and ensure sustained profitability moving forward."

    In addition to Richard Garneau, AbitibiBowater's Executive Team will be composed of:
    -Alain Boivin, Senior Vice President, Pulp and Paper Operations. Mr. Boivin most recently was Vice President of Mill Operations, Central Region at Smurfit-Stone Container Corporation and will assume his new responsibilities at AbitibiBowater on March 7, 2011. This role will be managed on an interim basis by David J. Spraley, Senior Vice President, Pulp and Paper Manufacturing, Engineering and Quality. Mr. Boivin served as a Vice President at Smurfit-Stone since 2000. He previously was Senior Vice President, Containerboard Operations for St. Laurent Paperboard Inc. from 1999 to 2000. Prior to this, Mr. Boivin was Mill Manager at a number of operations for Donohue Inc. and Avenor Inc.
    -Alain Grandmont, Senior Vice President, Human Resources and Public Affairs. Mr. Grandmont most recently served as Executive Vice President, Human Resources and Supply Chain for AbitibiBowater Inc. He was previously Senior Vice President, Commercial Printing Papers from October 2007 to July 2009. Mr. Grandmont served as Senior Vice President, Commercial Printing Papers of Abitibi-Consolidated Inc. from 2005 to October 2007 and as Senior Vice President, Value-Added Operations and Sales of Abitibi-Consolidated in 2004.
    -William G. Harvey, Senior Vice President and Chief Financial Officer. Mr. Harvey served most recently as Executive Vice President and Chief Financial Officer for AbitibiBowater Inc. He previously was Senior Vice President and Chief Financial Officer of the Company from October 2007 to July 2009. Mr. Harvey served as Executive Vice President and Chief Financial Officer of Bowater Incorporated from August 2006 to October 2007, and as Senior Vice President and Chief Financial Officer and Treasurer of Bowater from 2005 to 2006.
    -John Lafave, Senior Vice President, Pulp and Paper Sales and Marketing. Mr. Lafave most recently served as Vice President Sales, National Accounts - Paper Sales for AbitibiBowater Inc. Prior to this, he was Vice President Sales, National Accounts - Newsprint for AbitibiBowater and Vice President Sales, Commercial Printers for Abitibi-Consolidated Inc. from 2004 to 2009. Mr. Lafave previously held progressive positions in sales with UPM-Kymmene and Repap Enterprises.
    -Yves Laflamme, Senior Vice President, Wood Products, Global Supply Chain and Information Technology. Mr. Laflamme served most recently as Senior Vice President, Wood Products for AbitibiBowater Inc. He was previously Senior Vice President, Woodlands and Sawmills of Abitibi-Consolidated Inc. from 2006 to October 2007 and Vice President, Sales, Marketing and Value-Added Wood Products of Abitibi-Consolidated from 2004 to 2005.
    -Jacques P. Vachon, Senior Vice President and Chief Legal Officer. Mr. Vachon most recently served as Senior Vice President, Corporate Affairs and Chief Legal Officer for AbitibiBowater Inc. He previously was Senior Vice President, Corporate Affairs and Secretary of Abitibi-Consolidated Inc. from 1997 to October 2007.
    All appointments are effective immediately, with the exception of Mr. Boivin who will join AbitibiBowater in March. Also reporting directly to Mr. Garneau is William Kerr who will serve as Vice President, Internal Audit. Mr. Kerr also reports functionally to the Company's Audit Committee of the Board. (AbitibiBowater Inc.)

     
    13.12.2010   AbitibiBowater: Richard Garneau to succeed David J. Paterson as President and CEO    ( Company news )

    Richard B. Evans, Chair of AbitibiBowater, announced that David J. Paterson will step down as President and Chief Executive Officer on January 1, 2011, having successfully led the Company through the most far-reaching restructuring in its history. He will be succeeded by Richard Garneau, currently a member of the Board of Directors and the former President and Chief Executive Officer of Catalyst Paper Corporation.
    Mr. Paterson has agreed to stay on in an executive advisory role through January 2011 and a non-executive advisory role through July 31, 2011, supporting a smooth transition and continued positive momentum for the Company. As announced yesterday, AbitibiBowater emerged from creditor protection as a lean, flexible and sustainable company, well-positioned for future growth.
    "Throughout this time of transition, I have been inspired by the desire of all employees to create the right conditions to take AbitibiBowater back to profitability, build strong market presence, promote sustainability and position us for future success," said Mr. Paterson. "Today, after three years of very demanding work, the foundations for that success are clearly in place, and I feel it is the right time to turn my time and attention back to the other people in my life who inspire me - my wife and family."
    "There is no doubt that Dave Paterson was the right person at the right time for AbitibiBowater," said Richard Evans. "He set an example through his dedication and hard work. He gave us a new vision and a drive to succeed, and motivated everyone to believe in our future. AbitibiBowater today is a testament to his commitment, and the Board and employees of the Company are extremely grateful to him for his decisive leadership."
    Richard Garneau joined AbitibiBowater as a member of the Board of Directors in June 2010. Most recently, he served as President and Chief Executive Officer of Catalyst Paper Corporation from March 2007 to May 2010. Prior to his tenure at Catalyst, he held a variety of roles in the forest products industry. Upon graduating with a Degree in Administration from Laval University in Quebec in 1971, Mr. Garneau joined Ernst & Young and remains a member today of the Canadian Institute of Chartered Accountants.
    "AbitibiBowater is a company with a long history, skilled and dedicated employees, and a determination to succeed as a profitable and sustainable enterprise," said Richard Garneau. "Dave Paterson and his team have laid the foundation for a future success story, and I'm excited for the opportunity to help write its next chapter." (AbitibiBowater Inc.)

     
    09.06.2010   AbitibiBowater Announces Appointment to Board of Directors    ( Company news )

    AbitibiBowater Inc. announced the appointment of Richard Garneau to serve on its Board of Directors. The Company also announced today the departure of Anthony F. Griffiths as a member of the Board. Mr. Griffiths has been a member of the AbitibiBowater Board since April 15, 2008. Mr. Griffiths joined the AbitibiBowater Board as a result of Fairfax Financial Holdings Limited (TSX, NYSE: FFH) exercising its right to appoint two directors to the Board, pursuant to the terms of a purchase agreement of Fairfax's private placement, announced on March 24, 2008. Richard Garneau will join the Board effective June 3, 2010.
    "Anthony Griffiths provided the Company with valued advice and wise counsel during a particularly challenging time in the Company's history. We appreciate his contributions and thank him for his commitment and support for principles of strong corporate governance," stated Chairman Richard B. Evans. "We are very pleased to have Richard Garneau join the AbitibiBowater Board of Directors. On behalf of the Board and senior management, I would like to welcome him to the organization. We look forward to benefiting from his extensive industry experience and proven leadership capacity," added Evans.
    Richard Garneau most recently served as President and Chief Executive Officer of Catalyst Paper Corporation from March 2007 to May 2010. Prior to his tenure at Catalyst, Mr. Garneau was Senior Vice President for the Forest Products Group of Domtar before assuming the role of Executive Vice President, Operations for the overall Company. He also held a variety of roles at Norampac, Copernic.com, Future Electronics, St. Laurent Paperboard, Finlay Forest Industries and Donohue Inc. Upon graduating with a Degree in Administration from Laval University in Quebec in 1971, Mr. Garneau joined Ernst and Young and remains a member today of the Canadian Institute of Chartered Accountants. (AbitibiBowater Inc.)
     
     
     
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