Printer Friendly

P. H. Glatfelter Board Approves $49 Million Initiative; Declares Quarterly Dividend.

Business Editors

YORK, Pa.--(BUSINESS WIRE)--Sept. 21, 2000

The P. H. Glatfelter Company (NYSE - GLT) announced today that its Board of Directors approved the second phase of Project IMPACT, a $49 million initiative to redefine 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. "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 (ERP) 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:

 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 within the meaning of the Private Securities Litigation Reform Act 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.
COPYRIGHT 2000 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Sep 21, 2000
Previous Article:Jaco Electronics, Inc. Files Registration Statement.
Next Article:Salient Cybertech, Inc. and Futronix, Inc. Announce New Director of Marketing; Potential for Substantial New Contracts at Futronix.

Related Articles
New Organization, Divisional Restructuring Announced.
P. H. Glatfelter Co. Announces New Organization, Divisional Restructuring.
New Organization, Divisional Restructuring Announced.
P. H. Glatfelter Co. Announces New Organization, Divisional Restructuring.
P. H. Glatfelter Company Announces Completion of Comprehensive Strategic Planning Effort.
P. H. Glatfelter Company Elects New Director, Announces Quarterly Dividend.
P. H. Glatfelter Company Announces 12% Increase in 3rd Quarter 2000 Earnings Compared to 3rd Quarter 1999.
P. H. Glatfelter Company Elects Robert P. Newcomer President and COO, Announces Search for CFO, Other Management Changes.
Glatfelter Announces Actions to Strengthen Operations and Enhance Financial Position; Quarterly Dividend Reduced.

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