Displaying items by tag: Buckeye Technologies

Buckeye Technologies Inc. (NYSE:BKI) has announced that John B. Crowe, Chairman and Chief Executive Officer, will present at the UBS Global Paper & Forest Products Conference in New York City on Wednesday, September 14, 2011, at 2:30 p.m. (ET).

A live audio webcast of Mr. Crowe's remarks and a copy of presentation materials will be accessible at www.ibb.ubs.com/Conferences or www.bkitech.com. To access the webcast, follow the Conference link to the UBS Global Paper & Forest Products Conference heading.

SOURCE: Buckeye Technologies Inc.

Buckeye Technologies Inc. (NYSE:BKI) announced the release today of its 2011 Sustainability Report. This report (which summarizes calendar year 2010 results) highlights continuing efforts on reducing fossil fuels, water, solid waste, and air emissions. Buckeye has reduced its Greenhouse Gas emissions (from fossil fuels and purchased electricity) by over 5% per ton of production since 2007, while generating 80% of its total energy needs from renewable biomass.

In addition, significant reductions of water used daily were achieved (down 7% since 2007) while reducing landfill wastes by 18% since 2007. The report also shares information about Buckeye's social impacts, including the impressive response to a renewed corporate-wide commitment to safety, reducing the Total Incidence Rate from 3.5 to 2.5 during the reporting period, with an additional reduction to 1.8 by the end of June.

John Crowe, Chairman and CEO, emphasized that "Buckeye has embarked on a sustainability strategy that embraces the importance of protecting the environment and resources for future generations while leveraging long-term business and shareholder value."

For more information about Buckeye Technologies and its sustainability efforts, and for a downloadable copy of the 2011 Sustainability Report, please visit our website at www.bkitech.com.

Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The Company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.


SOURCE: Buckeye Technologies Inc.

Improves capacity utilization, profitability and return on invested capital
Expect to generate $30 million cash benefit from closure
Expect non-cash impairment charge of $15 million and $5 million restructuring costs

Buckeye Technologies Inc. has announced plans to close its Delta, B.C., Canada airlaid nonwovens facility by the end of calendar 2012. The Company will work closely with its customers to continue to meet their needs by sourcing products currently produced at Delta from its facilities in Gaston County, N.C. and Steinfurt, Germany.

Buckeye Chairman John B. Crowe said, "This closure has become necessary due to several factors including unfavorable site location relative to customers and raw material suppliers, a strong Canadian dollar, and low capacity utilization. It is unfortunate that this closure will result in the eventual termination of employment for approximately 95 dedicated employees. We have owned and operated the Delta facility since 1997 and we value and appreciate the many contributions of the organization over the past 14 years. In the fall of 2010, we consolidated our production from a two machine operation to one airlaid machine in an attempt to improve the profitability of the site. Even after this consolidation, which did improve margins, the plant's forecasted financial performance remains at an unacceptable level.

"We are making this announcement now to allow adequate time to address employee and customer needs. This 18 month period will allow us time to implement changes that may be needed at Gaston and Steinfurt to meet the needs of our current Delta customers. This closure and consolidation of business will improve capacity utilization, profitability and return on invested capital for our Nonwovens business. We expect to incur a non-cash asset impairment charge of about $15 million and $5 million in restructuring expenses between now and December 31, 2012. The closure is expected to generate about $30 million in cash over the next 18 months, primarily through the sale of land and buildings and a net reduction in working capital. From now until the end of 2012, we will focus on meeting the needs of our customers and on maximizing cash flow generation at the site."

Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The Company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting the Company's operations, financing, markets, products, services and prices, and other factors.For further information on factors which could impact the Company and the statements contained herein, please refer to public filings with the Securities and Exchange Commission.

SOURCE: Buckeye Technologies Inc.

Growing customer demand exceeds supply
Focus on technically demanding high-end niches
Returns above cost of capital

Buckeye Technologies Inc.  announced that its Board of Directors has approved funding for a comprehensive evaluation of our Florida mill's potential to further increase its high-purity specialty wood pulp capacity. Buckeye's high-end specialty wood pulp grades include ethers, high strength viscose, filtration and acetate, which are used in the production of food and pharmaceutical products, food casings, tire cord, filtration media and acetate tow. The global demand for these products is growing and Buckeye has a proven history of producing these technically demanding grades. Buckeye's specialty wood pulp production continues to be sold out and this potential expansion would help meet growing customer demand in these high-end applications.

Buckeye's Chairman and Chief Executive Officer John Crowe said, "Currently the lead option in this evaluation is to increase our Florida mill's high-end specialty capacity by 30,000 metric tons with a target startup date at the end of 2012. The overall capacity of the mill would remain at its current 465,000 ton per year level, but the mix of high-end specialty production would increase. In addition to the mix improvements, we plan to further enhance the performance attributes of the fluff pulp produced at our mill. We expect this project would generate returns significantly above our cost of capital. We believe this option could provide excellent value to our customers and our shareholders. We intend to complete our evaluation and make a final decision on the potential expansion in August 2011."

SOURCE: Buckeye Technologies Inc.

Buckeye Technologies Inc. has announced that it is launching AIRspun(R) Flushable, a new airlaid nonwoven substrate for use in moist toilet tissue applications.

Chairman and Chief Executive Officer John B. Crowe said, "We are excited about the launch of AIRspun(R) Flushable as this adds a new dimension to our range of products for wiping applications and meets the needs of our customers who produce wipes for consumer markets."

Mr. Crowe went on to say, "AIRspun(R) Flushable was designed to meet the performance criteria of our customers including the flushability guidelines set forth by the nonwovens industries associations in North America and Europe. Additionally, the product is made predominantly with our own fluff pulp cellulose from renewable materials, so it fits well with our continued sustainability efforts."

Buckeye is showcasing AIRspun(R) Flushable and is representing all of its airlaid and fluff pulp products for the nonwovens industry at the Index11 Exhibition April 12-15 in Geneva, Switzerland - Booth 2619.

Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The Company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.

Buckeye Technologies Inc. has announced that it has established a new $300 million senior secured revolving credit facility. The maturity date on the new revolver is October 22, 2015, and the facility includes an increase option for an additional $100 million. This facility amends and restates the Company's existing $200 million senior secured credit facility. The initial interest rate on the new revolver is LIBOR plus 200 basis points, and this will drop by 25 bps when the Company's total debt / EBITDA ratio drops below 1.00. In addition to refinancing its existing credit facility, the Company plans to use the proceeds from this facility to provide liquidity for working capital, capital expenditures, permitted acquisitions and share repurchases, and for general corporate purposes. The transaction was led again this time by Bank of America as left lead arranger and administrative agent, along with J.P Morgan and Regions Bank as joint lead arrangers, and RBS Citizens Bank as syndication agent.

Buckeye Chairman John B. Crowe commented, "We are very pleased to have this new credit facility in place, which moves our nearest debt maturity out from July 2012 to October 2015 and gives us the low cost, flexible financing we need to allocate capital in a balanced way between funding profitable, sustainable growth and high return investments, continued debt reduction and returning cash to shareholders."

Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The Company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting the Company's operations, financing, markets, products, services and prices, and other factors.For further information on factors which could impact the Company and the statements contained herein, please refer to public filings with the Securities and Exchange Commission.

SOURCE: Buckeye Technologies Inc.

Buckeye Technologies Inc.
Steve Dean, 901-320-8352
Sr. Vice President and Chief Financial Officer
or
Daryn Abercrombie, 901-320-8908
Investor Relations
www.bkitech.com

Buckeye Technologies Inc. (NYSE:BKI) has just announced that John B. Crowe, Chairman and Chief Executive Officer, will participate in the UBS Global Paper & Forest Products Conference in New York City on Wednesday, September 15, 2010, at 8:00 a.m. (ET).

A live audio webcast of Mr. Crowe's remarks and a copy of presentation materials will be accessible at www.ibb.ubs.com/Conferences or www.bkitech.com. To access the webcast, follow the Conference link to the UBS Global Paper & Forest Products Conference heading.

Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The Company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting the Company's operations, financing, markets, products, services and prices, and other factors.For further information on factors which could impact the Company and the statements contained herein, please refer to public filings with the Securities and Exchange Commission.

SOURCE: Buckeye Technologies Inc.

Buckeye Technologies Inc.
Steve Dean, 901-320-8352
Sr. Vice President and Chief Financial Officer
or
Daryn Abercrombie, 901-320-8908
Investor Relations
www.bkitech.com

Buckeye Technologies Inc. (NYSE:BKI) today announced that it had been named in the top 20% of publicly held companies headquartered in the Southeast on their Corporate Sustainability policies and practices.

The first annual Southeastern Corporate Sustainability Rankings, announced in May of this year by GreenBusiness Works and its partners, rated 280 companies on their environmental, social and governance (ESG) factors and policies. These rankings were compiled by KLD Research & Analytics Inc., which was also instrumental in naming Newsweek's Green 500 ratings.

John Crowe, Chairman and CEO, expressed appreciation for this recognition. "In April of 2009, we published our inaugural Sustainability Report, emphasizing sustainable business practices throughout our operations worldwide and detailing our focus on reducing fossil fuels, water, solid waste, and air emissions. Our latest report will be released in early September and we are proud of the measurable progress we have so rapidly made. It is rewarding to receive the acknowledgement of our efforts by the top quintile placement in these rankings."

As a result of being ranked among the top 20 percent, Buckeye was also invited to attend the group's first C-Suite and Sustainability Breakfast session conducted August 24. This session, and those that will follow, provide an ongoing forum for senior executives to gain fresh insights and share ideas which will increase the pace of sustainable developments.

For more information about Buckeye Technologies and its sustainability efforts, and for a downloadable copy of the 2008 Sustainability Report, please visit our website at www.bkitech.com.

Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The Company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting the Company's operations, financing, markets, products, services and prices, and other factors.For further information on factors which could impact the Company and the statements contained herein, please refer to public filings with the Securities and Exchange Commission.

SOURCE: Buckeye Technologies Inc.

Buckeye Technologies Inc.
Steve Dean, 901-320-8352
Senior Vice President and Chief Financial Officer
or
Investor Relations:
Daryn Abercrombie, 901-320-8908
www.bkitech.com