Printer Friendly

ABITIBI-PRICE CLOSES IDLED THUNDER BAY NEWSPRINT DIVISION

 ABITIBI-PRICE CLOSES IDLED THUNDER BAY NEWSPRINT DIVISION
 TORONTO, Oct. 27 /PRNewswire/ -- Abitibi-Price Inc. (NYSE: ABY) today announced its decision to close the Thunder Bay division newsprint mill in Thunder Bay, Ontario effective immediately. The mill, with a capacity to produce 170,000 tons per year, has been idled since March of 1991 because of poor newsprint markets.
 "The newsprint market in North America remains oversupplied with an excess of over 800,000 tons," said T.M. Devine, senior vice-president and general manager of the company's Publishers Business. "Despite a recent move to increase prices for newsprint, revenues are still not sufficient to cover costs. Given the oversupply and current price levels, it is not feasible to contemplate reopening this newsprint mill."
 The Thunder Bay mill has been maintained and salvageable equipment is expected to be used in the company's other paper mills or sold. No offers to buy the mill have been received during the idle period.
 Abitibi-Price, a major competitor in the global forest products industry, is a producer of newsprint, uncoated groundwood papers and coated papers. The company is a prominent distributor of office and information-processing products, as well as a converter of industrial towelling, folding cartons, paper bags and products for home, school and office use.
 -0- 10/27/92
 /CONTACT: Robert J. Tait, manager-investor relations, 416-369-6789, for Abitibi-Price/
 (ABY) CO: Abitibi-Price, Inc. ST: Ontario IN: PAP SU:


TM -- NY013 -- 5166 10/27/92 08:01 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 27, 1992
Words:240
Previous Article:THE BEST IN NEW JERSEY CABLE PROGRAMMING HONORED AT THE 1992 CAPE AWARDS
Next Article:AMERICAN EDUCATIONAL PRODUCTS, INC. REPORTS THIRD QUARTER EARNINGS
Topics:


Related Articles
Task force seeks alternatives to closing of mill.
Thunder Bay sawmills scramble to find buyers for surplus of wood chips created by mill's closing.
ABITIBI-PRICE MAINTAINS ITS BALANCE SHEET AND CASH FLOW IN A TOUGH YEAR
ABITIBI-PRICE MAINTAINS ITS BALANCE SHEET AND CASH FLOW IN A TOUGH YEAR
ABITIBI-PRICE ANNOUNCES FURTHER DOWNTIME FOR 1992
PROVINCIAL PAPERS INC. ANNOUNCES NEW EMPLOYEE-OWNED COMPANY
ABITIBI-PRICE ANNOUNCES AVAILABILITYOF 235,000 MORE TONS OF RECYCLED NEWSPRINT
ENVIRONMENTAL EXPENDITURES APPROVED BY ABITIBI-PRICE BOARD
Top pulp & paper mills in Northern ontario: Ranked by tonnage of market pulp produced up to September 2001. (Forestry).
Forest industry veteran set to revive paper mill: company aims to be first to market with new product.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters