Paper industry growth, returns and leverage--2002.This annual study analyzes financial and non-financial performance data for the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. pulp, paper, and packaging industry. It provides an overview of all publicly traded pulp, paper, and packaging firms in 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 Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of [1-7] through data collected from 2002 and 2001 annual reports. 2001 AND 2002 PULP, PAPER, AND PACKAGING INDUSTRY OVERVIEW A study of the world's 100 largest forest product firms reported lower total annual sales, down 0.3%, due to sluggish demand, continued oversupply o·ver·sup·ply n. pl. o·ver·sup·plies A supply in excess of what is appropriate or required. tr.v. o·ver·sup·plied, o·ver·sup·ply·ing, o·ver·sup·plies , and associated low prices for almost all paper segments [8]. Some paper firms saw pulp and paper sales grow (e.g., Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , various countries in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). ,
non-Japanese/Chinese Asian countries Noun 1. Asian country - any one of the nations occupying the Asian continentAsian nation country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" , and Canada) but some had declines (e.g., United States, Japan, and some Latin Lat·in n. 1. a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century. b. American countries List of American countries Nations:
v. con·sumed, con·sum·ing, con·sumes v.tr. 1. To take in as food; eat or drink up. See Synonyms at eat. 2. a. around the world than produced in 2002, however, global production increased 2.8% while consumption increased 2.5%. Overall, capacity of pulp, paper, and board increased almost 19% [10]. Sales, consumption, production, and capacity showed little change in the U.S. paper industry, but earnings fell 50%, to about US$ 800 million. Consumption of pulp and paper products in the United States grew 0.7%, primarily through imports. Revenues fell almost 4%, due to foreign competition and lower prices derived from recessionary pressures and continued oversupply. A 2.8% increase in production reflects a disciplined strategic response to an economy emerging from recession, changing preferences, and a mature domestic market. U.S. paper and board producers chose to maintain or reduced capacity, and in 2002 the trend continued with capacity falling 0.8%. Canada produces twice as many tons of pulp, paper, and board as it consumes, which is interesting when compared to U.S. production, which falls short of domestic demand. Consumption and production in Canada each grew 2.4%, while capacity fell over 1%. Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. firms experienced growth in both sales and net income up 4% and 114%, respectively. STUDY GOALS AND METHODS This study assesses the performance North American pulp, paper, and packaging industry and analyzes product segment competition, sales, return on and earnings per share, debt to equity, capital expenditures, and global sales/production. To be included in this study, firms had to generate at least 20% of total annual sales from the sale of pulp, paper, and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. packaging products and be publicly traded. In total, this study analyzes 25 U.S. and eight Canadian firms. Since this annual study was first conducted, using 1995 data, consolidation has resulted in 50% fewer firms in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , almost 67% less in Canada and 42% in the United States. All dollar amounts are U.S. dollars, converted using the Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. averaged conversion rates. For 2002, Canadian $1.00 equals US$ 0.6368; for 2001, Canadian $1.00 equals US$ 0.6458 [11]. However, to calculate Canadian percent change between 2002 and 2001, "local currency" or Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents were used to avoid distortions arising from currency fluctuations. STUDY FINDINGS Annual Sales United States Total (paper, wood, and non-forest products) annual sales for the industry were $164.3 billion, a gain of 1.4% (Table 1). Proctor A person appointed to manage the affairs of another or to represent another in a judgment. In English Law, the name formerly given to practitioners in ecclesiastical and admiralty & Gamble reported the highest total sales--more than $40.2 billion--a 2.5% increase, followed by International Paper, Georgia-Pacific
Georgia-Pacific LLC. is an American pulp and paper company based in Atlanta, Georgia, and is one of the world's leading manufacturers and distributors of tissue, pulp, paper, packaging, , and Weyerhaeuser This article is about the company. For the village by this name, see Weyerhaeuser, Wisconsin. Weyerhaeuser is one of the largest pulp and paper companies in the world; the world's largest private owner of softwood timberland; and the second largest owner , US$ 25.0 billion (down 5.3%), US$ 23.3 billion (down 7%), and US$ 18.5 billion (up 27.3%), respectively. Industry average total sales reached US$ 6.6 billion, an increase of 0.9%. Paper annual sales for the industry totaled US$ 101.0 billion, a 2.4% decline. International Paper had the highest paper sales, almost US$ 20 billion, which was a 4.5% decline, followed by Georgia-Pacific (US$ 14.4 billion, down 20.0%), Kimberly-Clark (US$ 13.6 billion, up 2.1%). Industry average paper sales were more than US$ 4.0 billion, a 0.3 decline. Almost 60% (15 of 25 firms) of the firms reported increases in total sales, yet 56% said paper sales declined. Canada In 2002, total sales in Canada increased 4.9%, to more than US$ 15 billion (Table 2). Domtar had the highest total sales at US$ 3.5 billion, which also represented the best improvement at 25.4%. Industry average paper sales were almost US$ 1.9 billion, an increase of 5.4%. Paper sales for the industry totaled almost US$ 11 billion in 2002, an increase of 2.6%. Industry average paper sales were almost US$ 1.4 billion, a decline of 0.9%. Almost 63% of the firms reported decreases in paper sales, but 75% also reported total sales increases. Only Abitibi Abitibi may mean:
RETURN ON EQUITY United States Few U.S. paper firms (36%) increased return on equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ). On average, ROE was 3.3% for 2002 and 3.9% for 2001, a decline of 0.6%. Firms with the highest ROE were Proctor & Gamble (33.9%), Kimberly-Clark (29.7%), Schweitzer-Mauduit (17.3%), and Sonoco (16.2%). Firms with the worst declines in ROE were Pope & Talbot (-13.3%), Georgia-Pacific (-15.5%), Potlatch potlatch (pŏt`lăch'), ceremonial feast of the natives of the NW coast of North America, entailing the public distribution of property. (-41.2%), and FiberMark (-92.5%). Canada In Canada, 50% of the firms raised ROE. On average, ROE was 6.2%, a modest decline of 0.1%. ROE ranged from a high of 17.5% (Cascades) to a low of -12.3% (Tembec Tembec TSX: TBC, a paper company in Canada, was created in 1973 in the town of Témiscaming, in Quebec near the border of Ontario. The town’s economic lifeblood, a pulp mill owned by a large multinational corporation, was shut down in 1972. ). Abitibi reported the most dramatic growth in ROE, up 5.1%, followed by Cascades (4.2%) and West Fraser Fraser, river, Canada Fraser, chief river of British Columbia, Canada, c.850 mi (1,370 km) long. It rises in the Rocky Mts., at Yellowhead Pass, near the British Columbia–Alta. line and flows northwest through the Rocky Mt. (1.2%). Tembec's ROE demonstrated the worst decline (-18.2%). DEBT TO EQUITY United States U.S. paper firms became more leveraged and increased debt, relative to equity, by 12.5%. On average, debt-to-equity (DE) was 2.9, up from 2.6 the previous year. DE ranged from a low of 0.9 to a high of 12.6. Firms with the lowest DE were Badger badger, name for several related members of the weasel family. Most badgers are large, nocturnal, burrowing animals, with broad, heavy bodies, long snouts, large, sharp claws, and long, grizzled fur. (0.9), Schweitzer-Mauduit (1.5), Temple-Inland Temple-Inland, Inc. NYSE: TIN is an American paper, building products and financial services company based in Austin, Texas. It has approximately 19,500 employees. Its paper group operates under the name Inland Paperboard and Packaging Group (1.5), and P. H. Glatfelter (1.6). The most leveraged firms, those with the highest DE, were FiberMark (12.6), Georgia-Pacific (4.4), Smurfit-Stone (3.7), and International Paper (3.6). Sixty-four Adj. 1. sixty-four - being four more than sixty 64, lxiv cardinal - being or denoting a numerical quantity but not order; "cardinal numbers" percent of the firms decreased DE. Canada On average, DE for the Canadian paper industry was 2.0, as compared to 2.2 the previous year, a decline of 9.7%, ranging from a low of 0.6 to a high of 2.5. Almost 63% reduced DE. Firms with the lowest DE were West Fraser (0.64) and Nexfor (1.46). CAPITAL EXPENDITURES United States Capital expenditures slowed in the United States, suggesting a more conservative approach to additions and improvements. All together, almost US$ 5.4 billion was invested, down 12.2% (Table 3). Average capital expenditures were US$ 565 million, down 7.1%. Kimberly-Clark, Proctor & Gamble, International Paper, and Weyerhaeuser had the highest capital expenditures. Fifty-six percent of the firms said capital expenditures declined. Firms with the greatest percent increase in capital expenditures were Mead-Westvaco, up 39.7%, to US$ 331 million, Greif Greif may refer to: People
Other
Chesapeake, U.S. frigate, famous for her role in the Chesapeake affair (June 22, 1807) and for her battle with the H.M.S. Shannon (June 1, 1813). The Chesapeake left Norfolk, Va. (up 34.5% to US$ 44 million). Canada Capital expenditures dramatically declined in Canada, with only one firm (Cascades) reporting an increase. Industry total paper capital expenditures was US$ 498 million, down 36.1% (Table 4). On average, expenditures fell, to US$ 103 million (-38.2%). Domtar and Abitibi spent the most, while Tembec had the largest decline, down 57.5% United States Versus Canadian Firm Performance In the United States, total industry paper sales (US$ 101 billion) were almost tenfold tenfold Adjective 1. having ten times as many or as much 2. composed of ten parts Adverb by ten times as many or as much Adj. 1. those in Canada (US$ 11 billion). Firms in both countries experienced marginal declines (<-1%) in paper sales. Canadian firms generate more paper sales, relative to all revenues (73%), as compared to U.S. firms, where only 62% of revenues are generated by pulp, paper, and packaging sales. In terms of total sales, Canadian paper firms experienced more sales growth, up 5.4% as compared to only a 0.9% increase in the United States. Firms in both countries experienced marginal declines in ROE. In both 2002 and 2001, Canadian firms (6.2% and 6.3%, respectively) averaged a higher ROE than U.S. paper firms (3.3% and 3.9%, respectively). The U.S. paper industry was more leveraged (2.9) than in Canada (2.0). Furthermore, debt in the United States rose (12.5%) while in Canada it fell 9.7%. Only two Canadian firms reported a higher DE while 16 U.S. firms decreased DE. Capital expenditures in Canada were smaller and decreased more than in the United States, on average spending US$ 103 (-36.1%) when U.S. firms spent US$ 565 million (-7.1%).
2002 SALES
Paper Total Paper Market Paper
Annual Annual Sales as Share Annual
Sales Sales % of % (a) Sales
US$ US$ Total US$
Million Million Sales Million
International Paper 19,950 24,976 79.88 19.74 20,885
Georgia-Pacific 14,369 23,271 61.75 14.22 17,966
Kimberly-Clark (b) 13,566 13,566 100.00 13.43 13,288
Procter & Gamble 11,877 40,238 29.52 11.75 11,991
Weyerhaeuser 7910 18,521 42.71 7.83 5655
Smurfit-Stone (b) 7483 7483 100.00 7.41 7691
MeadWestvaco (c) 6861 7242 94.74 6.79 7304
Boise 3591 7412 48.45 3.55 3638
Temple-Inland 2587 4518 57.26 2.56 2082
Bowater 2311 2581 89.54 2.29 2322
Sonoco 1910 2812 67.92 1.89 1774
Rock-Tenn (b) 1437 1437 100.00 1.42 1442
Wausau-Mosinee (b) 949 949 100.00 0.94 944
Caraustar 921 950 97.00 0.91 914
Potlatch 724 1286 56.31 0.72 752
Chesapeake 678 822 82.47 0.67 671
Buckeye (b) 635 635 100.00 0.63 732
Longview Fibre 592 769 77.00 0.59 638
P. H. Glatfelter (b) 544 544 100.00 0.54 636
Rayonier 526 1117 47.09 0.52 547
Schweitzer-Mauduitb 501 501 100.00 0.50 500
FiberMark 397 397 100.00 0.39 394
Greif Bros 324 1633 19.84 0.32 379
Pope & Talbot 323 546 59.11 0.32 291
Badger 74 74 100.00 0.07 76
Mean (unweighted) 4042 6571 75.85 4.00 4140
Median 949 1437 82.47 0.94 944
Industry Total 101,041 164,281 61.51 100.00 103,510
2001 SALES CHANGE
Total Paper Market Paper Total
Annual Sales as Share Annual Annual
Sales % of % (a) Sales Sales
US$ Total % %
Million Sales
International Paper 26,363 79.22 20.18 -4.48 -5.26
Georgia-Pacific 25,016 71.82 17.36 -20.02 -6.98
Kimberly-Clark (b) 13,288 100.00 12.84 2.10 2.10
Procter & Gamble 39,244 30.55 11.58 -0.95 2.53
Weyerhaeuser 14,545 38.88 5.46 39.88 27.34
Smurfit-Stone (b) 7691 100.00 7.43 -2.70 -2.70
MeadWestvaco (c) 7636 95.65 7.06 -6.07 -5.16
Boise 7422 49.01 3.51 -1.28 -0.13
Temple-Inland 4105 50.72 2.01 24.26 10.06
Bowater 2454 94.62 2.24 -0.47 5.18
Sonoco 2606 68.08 1.71 7.64 7.90
Rock-Tenn (b) 1442 100.00 1.39 -0.35 -0.35
Wausau-Mosinee (b) 944 100.00 0.91 0.53 0.53
Caraustar 914 100.00 0.88 0.85 3.97
Potlatch 1275 58.97 0.73 -3.65 0.91
Chesapeake 791 84.93 0.65 1.00 4.01
Buckeye (b) 732 100.00 0.71 -13.17 -13.17
Longview Fibre 876 72.81 0.62 -7.11 -12.18
P. H. Glatfelter (b) 636 100.00 0.61 -14.45 -14.45
Rayonier 1124 48.67 0.53 -3.84 -0.62
Schweitzer-Mauduitb 500 100.00 0.48 0.38 0.38
FiberMark 394 100.00 0.38 0.73 0.73
Greif Bros 1456 26.05 0.37 -14.58 12.14
Pope & Talbot 499 58.31 0.28 10.94 9.44
Badger 76 100.00 0.07 -3.32 -3.32
Mean (unweighted) 6481 77.13 4.00 -0.33 0.92
Median 1442 84.93 0.91 -0.95 0.53
Industry Total 162,027 63.88 100.00 -2.39 1.39
(a) Firm pulp, paper, and packaging sales relative total industry sales
(i.e. firm weight)
(b) 100% of sales assumed as actual numbers for non-paper sales are not
disclosed in the annual report
(c) 2002 reported preformed values to estimate year-end values,
including mid-2002 acquisition
Table 1: Annual sales of U.S. pulp, paper and packaging firms.
2002 SALES
Paper Total Paper Market Paper
Annual Annual Sales as Share Annual
Sales Sales % of % (b) Sales
US$ US$ Total US$
Million(a) Million(a) Sales Million
(c)
Domtar 3202 3496 91.58 29.20 2562
Abitibi Consolidated 2838 3262 87.00 25.88 3371
Cascades (e) 2149 2149 100.00 19.60 1952
Tembec 1352 1896 71.32 12.33 1245
Nexfor 599 1478 40.51 5.46 643
Canfor 409 1345 30.37 3.73 437
West Fraser 309 1039 29.70 2.81 321
Doman 109 404 26.96 0.99 154
Mean (unweighted) 1371 1884 59.68 12.50 1335
Median 975 1687 55.92 8.90 944
Industry Total 10,966 15,070 72.77 100.00 10,684
2001 SALES CHANGE
Total Paper Market Paper Total
Annual Sales as Share Annual Annual
Sales % of % (b) Sales Sales
US$ Total % (d) % (d)
Million(c) Sales
Domtar 2827 90.63 23.98 26.75 25.43
Abitibi Consolidated 3753 89.81 31.55 -14.62 -11.86
Cascades (e) 1952 100.00 18.27 11.64 11.64
Tembec 1716 72.54 11.65 10.14 12.02
Nexfor 1334 48.18 6.02 -5.51 12.37
Canfor 1282 34.08 4.09 -5.19 6.38
West Fraser 1009 31.78 3.00 -2.38 4.48
Doman 497 30.90 1.44 -28.05 -17.54
Mean (unweighted) 1796 62.24 12.50 -0.90 5.36
Median 1525 60.36 8.83 -3.78 9.01
Industry Total 14,371 74.34 100.00 2.64 4.86
(a) 2002 exchange rate C $1 = US$ 0.6368
(b) Firm pulp, paper, and packaging sales relative to total industry
sales (i.e. firm weight)
(c) 2001 exchange rate C $1 = US$ 0.6458
(d) For ease of comparison, most study variables convert Canadian
dollars to U.S. dollars; however, Canadian percent change calculations
use Canadian dollars to avoid distorting the data by the 1.4% Canadian
dollar depreciation, relative to the U.S. dollar, in 2002.
(e) 100% of sales assumed as actual numbers for non-paper sales are not
disclosed in the annual report.
Table 2: Annual sales of Canadian pulp, paper, and packaging firms.
2002 Capital 2001 Capital Change
Expenditures Expenditures %
US$ Millions (a) US$ Millions (a)
Kimberly-Clark 871 1100 -20.81
Procter & Gamble 856 1307 -34.51
International Paper 788 631 24.88
Weyerhaeuser 688 691 -0.38
Georgia-Pacific 710 1009 -3.0
MeadWestvaco 331 237 39.66
Bowater 239 247 -3.28
Smurfit-Stone 207 199 4.07
Boise 158 248 -36.29
Sonoco 144 102 21.55
Rock-Tenn 71 71 0.48
Temple-Inland 70 109 -35.78
Greif 46 33 39.76
Chesapeake 44 33 34.45
Longview Fibre 44 120 -63.21
P. H. Glatfelter 51 48 6.90
Buckeye 36 153 -76.49
Rayonier 35 38 -7.89
Schweitzer Mauduit 32 75 -57.89
Potlatch 27 22 25.21
Caraustar 23 27 -17.71
Wausau-Mosinee 19 30 -35.55
FiberMark 16 28 -42.18
Pope & Talbot 13 12 4.43
Badger Paper 3 1 120.14
Mean (weighted) 565 609 -7.14
Mean (unweighted) 215 245 -12.24
Median 51 105 -49.84
Industry Total 5368 6117 -12.24
2002 Capital 2001 Capital Change (c)
Intensity (b) Intensity (b) %
Kimberly-Clark 6.42 8.27 -1.85
Procter & Gamble 7.21 10.90 -3.69
International Paper 3.95 3.02 0.93
Weyerhaeuser 8.70 12.22 -3.52
Georgia-Pacific 4.02 3.10 0.92
MeadWestvaco 4.82 3.24 1.58
Bowater 10.33 10.63 -0.30
Smurfit-Stone 2.77 2.59 0.18
Boise 4.40 6.82 -2.42
Sonoco 6.49 5.75 0.74
Rock-Tenn 4.96 4.92 0.04
Temple-Inland 2.71 5.24 -2.53
Greif 14.10 8.62 5.48
Chesapeake 6.50 4.89 1.61
Longview Fibre 7.43 18.75 -11.32
P. H. Glatfelter 9.41 7.53 1.88
Buckeye 5.66 20.92 -15.26
Rayonier 6.65 6.95 -0.30
Schweitzer Mauduit 6.28 14.97 -8.69
Potlatch 3.79 2.91 0.88
Caraustar 2.45 3.00 -0.55
Wausau-Mosinee 2.02 3.16 -1.14
FiberMark 4.04 7.04 -3.00
Pope & Talbot 3.94 4.19 -0.25
Badger Paper 4.29 1.89 2.40
Mean (weighted) 5.31 5.91 -0.60
Mean (unweighted) 5.73 7.26 -1.53
Median 4.96 5.75 -0.79
Industry Total
(a) Pulp, paper, and packaging capital expenditures, excluding
acquisitions of, or mergers with other firms
(b) Capital intensity = pulp, paper, and packaging capital
expenditures/pulp, paper, and packaging annual sales
(c) Change is absolute (i.e., 2002% minus 2001%)
Table 3: Capital expenditures and intensity of U.S. pulp, paper, and
packaging firms.
2002 Capital 2001 Capital Change
Expenditures Expenditures %
US$ Millions (a,b) US$ Millions (a,c)
Domtar 142 160 -10.08
Abitibi Consolidated 136 296 -53.38
Cascades 82 75 11.20
Tembec 63 151 -57.51
Nexfor 22 31 -29.00
Doman 19 28 -32.10
West Fraser 19 19 -2.39
Canfor 15 17 -13.93
Mean (weighted) 103 167 -38.20
Mean (unweighted) 62 97 -36.09
Median 43 53 -19.66
Industry Total 498 779 -36.09
2002 Capital 2001 Capital Change (f)
Intensity (d,e) Intensity (d,e) %
Domtar 4.44 6.25 -1.81
Abitibi Consolidated 4.80 8.79 -3.99
Cascades 3.82 3.84 -0.02
Tembec 4.69 12.16 -7.47
Nexfor 3.67 4.88 -1.21
Doman 17.30 18.33 -1.03
West Fraser 5.98 5.98 0.00
Canfor 3.55 3.92 -0.37
Mean (weighted) 4.54 7.29 -2.75
Mean (unweighted) 6.03 8.02 -1.99
Median 4.57 6.12 -1.55
Industry Total
(a) Pulp, paper, and packaging capital expenditures, excluding
acquisitions of, or mergers with other firms
(b) 2002 exchange rate C $1 = US$ 0.6368
(c) 2001 exchange rate C $1 = US$ 0.6458
(d) Capital intensity = pulp, paper, and packaging capital
expenditures/pulp, paper, and packaging annual sales
(e) For ease of comparison, study variables stated in dollars are
converted from Canadian dollars to U.S. dollars; however, all Canadian
percent change calculations use Canadian dollar input to avoid
distorting the data by the 1.4% Canadian dollar depreciation, relative
to the U.S. dollar, in 2002.
(f) Change is absolute (i.e., 2002% minus 2001%)
Table 4: Capital expenditures and intensity of Canadian pulp, paper, and
packaging firms.
REFERENCES 1. Paun, D., Srivastava, V., Ganguly Ganguly is an Indian family name; it is a transliteration of Gangopadhyay. Notable Gangulys and Gangopadhyays
n. 1. A grassy quadrangle surrounded by cloisters. 2. Archaic A yard, garden, or paddock. [Middle English, enclosed yard, from Old Norse gardhr; see , J., Nguyen, L., Black, K., Scott, E., Dodd, A., Rice, J., and Deok Seok Seok is a Korean family name, held by about 56,500 South Koreans and many others in North Korea and around the world. It can represent two different hanja names, 石 meaning "stone," or 昔 meaning "ancient." The 石 name is the most widespread of the two. , H. Solutions J. 87(1):20(2003). 2. Paun, D., Tachawachira P., Ho, T., Jacobs-Young, C., Miele Miele (pronounced 'Mee-la') is a manufacturer of domestic appliances, commercial equipment and fitted kitchens, based in Gütersloh, Germany. Miele has always been a family-owned and run company, founded in 1899 by Carl Miele and Reinhard Zinkann. , B., Comnick, J., Gardner Gardner, city (1990 pop. 20,125), Worcester co., N central Mass.; settled 1764, inc. as a city 1921. Its furniture and lumber industries date from c.1805. Diversified metal and electronics manufactures add to the city's economic base. A state prison is there. , S., Cantrell Cantrell can refer to:
3. Paun, D., Jacobs-Young, C., Trendel, O., Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. , K., Sonne, E., Ceder, K., Crump crump v. crumped, crump·ing, crumps v.tr. 1. To crush or crunch with the teeth. 2. To strike heavily with a crunching sound. v.intr. , C., and Oliver Ol·i·ver , Joseph Known as "King Oliver." 1885?-1938. American jazz musician and composer who had a great influence on the style of Louis Armstrong. His Creole Jazz Band was the first Black group to make jazz recordings. , C., TAPPI TAPPI Technical Association of the Pulp and Paper Industry J. 83(7):32(2000). 4. Paun, D., Trendel, O., Mathews Mathews is the name of several places in the United States of America:
See also Matthews. , J., Mead mead (mēd), wine made of fermented honey and water, sometimes flavored with spices. It is highly intoxicating. Mead was known in classical Greece and Rome and was the favorite drink of the tribes of N and W Europe. , M., Liu, Y., Cunningham, K., Nelson, J., Swanson, M., Hodgson Hodgson is the surname of:
5. Paun, D., Bjorkman, A., Nelson C., Fleishman, S., Mason, C., Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. , S., Ness, J., Roos, J., and Gustafson A derivative of the name Gustav, Gustafson, Gustafsson, Gustavson, and/or Gustavsson, is a group of fairly common surnames of Swedish origin, and may refer to any of the following people: Gustafson 6. Bjorkman, A., Paun, D., and Jacobs-Young, C., TAPPI J. 80(11):71(1997). 7. Rahikainen, A., Paun, D., and Catlett, L., An Examination of the United States Pulp and Paper Industry The global pulp and paper industry is dominated by North American (United States, Canada), northern European (Finland, Sweden) and East Asian countries (such as Japan). Australasia and Latin America also have significant pulp and paper industries. , University of Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. : CINTRAFOR, Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. , Report 54(1995). 8. Global Forest and Paper Industry Survey, PricewaterhouseCoopers, Vancouver Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , (2002). 9. "PPI (1) (Pixels Per Inch) The measurement of the resolution of a monitor or scanner. For example, a monitor that is 16 inches wide and displays 1600 pixels across its width would have a resolution of 100 ppi (1600 divided by 16). Annual Review of World Pulp and Paper Statistics 2003," Paperloop, http://store.paperloop.com/cgi-bin/paperloop/PA.html (2003). 10. Anonymous, Continued Capacity Declines Seen In Paper Industry Survey, www.paperage.com (2004). 11. Bank of Canada, Exchange Rates, www.bankofcanada.ca/en/exchange.html, (2003). RELATED ARTICLE WHAT YOU WILL LEARN: * How economic performance reported in 2002 annual reports differed between U.S. and Canadian pulp and paper producers. * Which companies fared best and worst in comparisons of reported sales, return on equity, debt to equity, and capital expenditures. ADDITIONAL RESOURCES: * This article is a summary of the full report. The substantially expanded complete text, with additional supporting tables, is available at www.tappi.org. To access the full report, type in the following Product Code into the search field: 04DEC33 * Paper industry performance in the U.S. and Canada--2001, By Dorothy Paun, et al, Solutions!, January 2004. Product Code: 04JANSO56 ABOUT THE AUTHOR Dorothy Paun is associate professor of forest products business and Fulbright Distinguished Chair; Vivek Srivastava, Reinier Voorwinde, Peter Stroble, Dan Thomson Daniel Thomson (born August 10, 1891 in Dundee) was a Scottish professional footballer. Thomson began his career with Aberdeen before moving on to St Johnstone from where he joined Bristol City in the 1925-26 season. , and Abhilash Reddy are M.B.A. and M.S. students; Elizabeth Scott Elizabeth Scott (November 23 1917 - December 20 1988) was an American mathematician specializing in statistics. Scott was born in Fort Sill, Oklahoma, her family moved to Berkeley, California when she was 4 years old. and Nan Hu are Ph.D. students; and Bill Spohnholtz is a B.S. student at the University of Washington, Campus Box 352100, Seattle, Washington 98195-2100, USA. Email Paun at dap@u.washington.edu. [ILLUSTRATION OMITTED] |
|
||||||||||||||||
Bahamas 
Printer friendly
Cite/link
Email
Feedback
Reader Opinion