P. H. Glatfelter Board Approves $49 Million Initiative; Declares Quarterly Dividend.
YORK York, former name of Toronto, Canada
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York, city (1991 pop. 123,126) and district, North Yorkshire, N England, at the confluence of the Ouse and Foss rivers. , Pa.--(BUSINESS WIRE)--Sept. 21, 2000
The P. H. Glatfelter Company (NYSE NYSE
See: New York Stock Exchange - GLT GLT Gestion Logistique et Transport (French)
GLT Global Leadership Team
GLT Golden Lion Tamarin
GLT Großladungsträger (German)
GLT Guided Light Transit
GLT Grundlagentraining ) announced today that its Board of Directors approved the second phase of Project IMPACT, a $49 million initiative to redefine Verb 1. redefine - give a new or different definition to; "She redefined his duties"
define, delimit, delimitate, delineate, specify - determine the essential quality of
2. the way that the Company will do business in the future.
"We recognize the need to increase operational efficiencies, change our business model and improve customer satisfaction and value," stated George Glatfelter II, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Project IMPACT will include changes to our organization and our business processes, as well as establish an e-commerce framework that will be scaled across the Company."
Part of the Company's plan to enhance its information technology system includes the installation of an Enterprise Resource Planning See ERP.
(application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ) system. Once implemented, the ERP will enable P. H. Glatfelter Company to respond to customers in a timely, more cost-effective manner. The goal, said Mr. Glatfelter, is to bring the Company closer to its customers' needs.
"Even though this effort will provide significant financial benefits, the main driver is much more strategic in nature," Mr. Glatfelter added. "We believe that we need to transform our business in order to provide greater customer value and to compete effectively in the 21st century."
Project IMPACT began in July 2000. During that initial phase, preliminary design work was completed that focused on identifying necessary changes to Glatfelter's organization and its business processes, and the role that technology will play in enhancing those new processes. The second phase of Project IMPACT is underway and is expected to extend over several years.
"Glatfelter's transformation will only be achieved with the participation of our employees," Mr. Glatfelter added. "It will require their understanding of why we need to change and a willingness to accept those changes. I am confident that our employees will again rise to the occasion and ensure the Company's success."
The Board of Directors also declared a quarterly dividend on its outstanding common stock as follows:
Amount Class Per Share Record Date Payable Date ------ ---------- --------------- ---------------- Common 17.5 cents October 6, 2000 November 1, 2000
Any statements set forth in this press release with regard to the Company's expectations as to financial benefits may constitute forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995.
Although the Company makes such statements based on assumptions that it believes to be reasonable, there can be no assurance that actual results will not differ materially from the Company's expectations. Factors that could cause or contribute to actual results differing materially from such forward-looking statements are discussed in the Company's Securities and Exchange Commission filings.