POPE & TALBOT ANNOUNCES SETTLEMENT OF STRIKE AT RANSOM, PA, TISSUE MILL
PORTLAND, Ore., Dec. 5 /PR Newswire/ -- Pope & Talbot, Inc., (NYSE NYSE
See: New York Stock Exchange : POP) today announced that union employees had ratified new five-year contract terms that would end a costly seven-month strike at the Company's Ransom, PA tissue mill. Production at the mill is expected to resume by Monday, December 11, 1995. The contract is retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question.
A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a to September 17, 1994.
The strike, which had been over economic and work-rule issues, began on April 29, 1995. It had been particularly disruptive to customers for the Company's broad range of private label consumer tissue products because of supply constraints from other manufacturers in this segment of the tissue market.
Peter T. Pope, Chairman & Chief Executive officer, stated "We are pleased to have these very difficult negotiations behind us, and look forward to quickly resuming full service to customers who have been inconvenienced by the strike." Mr. Pope continued, "Costs from the strike have been a major reason for Pope & Talbot's operating losses this year". Mr. Pope concluded, "We are encouraged about the outlook for our tissue business because we will be resuming more cost-effective production at a time when tissue-industry fundamentals also seem to be improving".
Pope & Talbot, Inc. is a publicly held, Portland, Oregon-based paper, pulp and wood products company traded on the NYSE. Pope & Talbot was founded in 1849 and has operations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in Canada.
/CONTACT: C. Lamadrid of Pope & Talbot, 503-228-9161/
CO: Pope & Talbot, Inc. ST: Oregon, Pennsylvania IN: PAP SU:
JC-JL -- SETU004 -- 4711 12/05/95 12:29 EST EST electroshock therapy.