Abitibi consolidated inc investing activity
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Softwood lumber Both Abitibi and Bowater manufacture a variety of softwood lumber products through their sawmill operations.
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With the abolition of the U. In he built the company's first mill on the Abitibi River, some miles north of Toronto at Iroquois Falls. Antitrust Investigations into Newsprint Association, So successful were the paper companies on both sides of the border that another round of investigations of the industry was launched, and in the U.
Department of Justice began antitrust prosecution of the members of an industrywide cooperative group called the News Print Manufacturers Association. The newsprint industry's history of antitrust allegations and cyclical depressions seemed to be a result of three factors: the enormous cost of building new plant capacity; the relative inelasticity of demand for newsprint sales do not tend to increase when the price drops ; and the highly vocal and influential nature of the product's consumers, the newspaper community.
Since competition often proved fatal, newsprint manufacturers tried to curb competition, resulting in well-publicized accusations by the newspapers of antitrust violations. Decade of Expansion, s The postwar price peak encouraged a full decade of nonstop expansion in the Canadian paper industry, which nearly doubled its capacity by the year The consequence of this expansion was a long decline in the price of newsprint. There was also a growing overcapacity, which threw the industry into a premature depression of its own as early as It entered the fine-paper business with the purchase of a sulfite pulp mill at Smooth Rock Falls, Ontario; acquired substantial interests in Manitoba Paper Company and Sainte Anne Paper Company; and built its own mills.
It became one of the industry's more important competitors. Faced with the problems of increased capacity and falling prices, Abitibi and other paper manufacturers concluded that their best chance for collective survival was to amalgamate their holdings. These, and a number of subsequent purchases by Abitibi, proved disastrous; but at the time it was hoped that by consolidating the industry could prevent price competition and increase production efficiency.
That strategy might have succeeded in a thriving economy, but instead Abitibi was hit by the Great Depression of the s and soon was in desperate straits. This combination could not be sustained long, and on June 1, , Abitibi defaulted on interest payments and was thrown into receivership.
For the next 14 years Abitibi was directed by a court-appointed receiver, whose task it was to stabilize the company's finances, pay down the outstanding debts, and return the company to its shareholders at some future date.
By the price of newsprint finally stabilized, allowing Abitibi to begin the long road back to solvency. The remainder of the s was not a bad period for Abitibi, which managed to earn a fairly steady operating income to reduce its debt and maintain its physical assets. In the premier of Ontario appointed a committee for the purpose of designing a plan to take Abitibi out of receivership.
After the committee's recommendations were accepted by all the creditors in , the company was formally independent once again. Abitibi's year receivership was the longest and most important in the history of Canadian industry, a trauma that would leave its mark in the form of a conservative corporate philosophy and deep skepticism about future expansion of capacity.
Abitibi's experience during the Depression was only an extreme example of the Canadian paper industry as a whole. When a remarkable postwar surge in demand for newsprint raised and prompted U. Ambridge strongly concurred with the prevalent conservatism, guiding Abitibi through two postwar decades of bountiful sales and profit increases while avoiding unnecessary capital expenditures.
In this he was helped by the extraordinary expansion the company had undertaken in , which provided Abitibi with a reserve of production capacity so great that corporate assets did not surpass those of until 30 years afterward. Abitibi thus merely made use of what plants it had to meet the rapidly growing demand of the s, and Ambridge was able to keep debt low and earnings per share extremely high.
After the years of receivership, the s were a new golden age. Abitibi had been feeling the effects of the new U. To counteract this trend, Abitibi overcame its habitual reluctance to expand with the purchases of Cox Newsprint, Inc. Cox, located in Augusta, Georgia, added , tons per year of newsprint capacity to Abitibi's Canadian holdings of 1.
The company's capacity was strained, and Rosier suggested that it would be cheaper for the company to buy existing mills than to build them from scratch. Like Abitibi, Price was strongest in newsprint and kraft production, but it had no fine-paper and building-materials divisions. It recorded a significantly higher proportion of its sales outside North America than did Abitibi. Both companies had modest but profitable base-metal mining operations in Canada, and together they controlled rights to about 50, square miles of forest land--an area somewhat smaller than the state of Illinois.
Price was a company much older than Abitibi, dating back to the early 19th century and the British navy's need for a new source of lumber for its masts. In , William Price had been sent by a leading London lumber merchant to Canada to organize the new operation, and Price subsequently started the company bearing his name.
Once again, Abitibi's poor timing led indirectly to a change in ownership. Caught in a cash squeeze, Abitibi tried to placate union demands with big pay hikes and thereby avoid a disastrous strike; instead the unions pushed their advantage and forced the strike anyway. The walkout was bitter and lasted for months, and by the time the economy rebounded in Abitibi was still trying to put its shaken house in order.
In October Abitibi agreed to buy about ten percent of Price's outstanding stock from Consolidated-Bathurst--a Canadian company that had bid against Abitibi for control of Price in and still held ten percent of Price's stock. Later that month, Abitibi purchased Price's remaining shares. During the s Abitibi-Price made a concerted effort to lessen its dependence on the brutally cyclical newsprint business.
It sold off plants, streamlined operations, and focused its efforts on markets where it felt it could be a leader. By the end of the decade the company's diversified group operated the largest network of paper distributors in Canada, the largest envelope manufacturer and largest school and office supplies maker, and one of the leading producers of building materials in the United States. The diversified group in accounted for approximately half of all corporate revenue, with the remainder generated by the paper group's two divisions of newsprint and printing papers.
Newsprint remained the most profitable segment, however, and was the heart of Abitibi-Price's various holdings. Newsprint Market Suffers in the Early s In the newsprint industry entered its worst period since the Great Depression. From to , Abitibi-Price lost hundreds of millions of dollars. In a global newspaper glut forced Abitibi-Price to close or sell mills and decentralize its operations to regain profitability.
Ronald Oberlander became the company's new CEO. He adopted a new strategy to become the world's finest paper company rather than the world's largest. He also began shifting profit responsibilities away from corporate headquarters to the managers at the company's plants and mills. In spite of falling pulp prices, Abitibi-Price managed to report an operating profit for the first six months of In June Abitibi-Price announced that it would sell its U.
The fourth unit, a national supplier of interior wood products from facilities in Hiawatha, Kansas and Lumberton, North Carolina, was sold to an investment group led by Alan J. Gitkin of Wayne, New Jersey. It would change its name to Flair Fold. Severe price erosion, caused by a continued oversupply of the company's paper products, was blamed for the poor results.
Ownership of a second mill in Thunder Bay was in the process of being transferred to its employees. The company was continuing to focus on its core business, the manufacture and marketing of groundwood papers. A Royal commission was held to enquire into the company's affairs, with its report issued in March Emerging from bankruptcy, the company prospered in the post- World War II industrial boom and in changed its name to the Abitibi Paper Company Ltd.
The merger of Abitibi and the Price Brothers made it the world's biggest newsprint producer. In , the corporate name was changed to Abitibi-Price Inc. In , Abitibi-Price bought out the Hilroy companies, whose founder, Roy Hill, had been a member of the Abitibi board of directors and had died in The collapse of Olympia and York in resulted in the consortium of banks being forced to take control of Abitibi-Price Inc.
The share issue also entailed the divestment and sale of Hilroy to the Mead Corporation. Majority control of the company was obtained in the late s by Arthur J. Nesbitt and his partner Peter A.
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Cash Flow from Operations (Statement of Cash Flows)END PORTAL MINECRAFT 1-3 2-4 BETTING SYSTEM
Decade of Expansion, s The postwar price peak encouraged a full decade of nonstop expansion in the Canadian paper industry, which nearly doubled its capacity by the year The consequence of this expansion was a long decline in the price of newsprint. There was also a growing overcapacity, which threw the industry into a premature depression of its own as early as It entered the fine-paper business with the purchase of a sulfite pulp mill at Smooth Rock Falls, Ontario; acquired substantial interests in Manitoba Paper Company and Sainte Anne Paper Company; and built its own mills.
It became one of the industry's more important competitors. Faced with the problems of increased capacity and falling prices, Abitibi and other paper manufacturers concluded that their best chance for collective survival was to amalgamate their holdings. These, and a number of subsequent purchases by Abitibi, proved disastrous; but at the time it was hoped that by consolidating the industry could prevent price competition and increase production efficiency.
That strategy might have succeeded in a thriving economy, but instead Abitibi was hit by the Great Depression of the s and soon was in desperate straits. This combination could not be sustained long, and on June 1, , Abitibi defaulted on interest payments and was thrown into receivership. For the next 14 years Abitibi was directed by a court-appointed receiver, whose task it was to stabilize the company's finances, pay down the outstanding debts, and return the company to its shareholders at some future date.
By the price of newsprint finally stabilized, allowing Abitibi to begin the long road back to solvency. The remainder of the s was not a bad period for Abitibi, which managed to earn a fairly steady operating income to reduce its debt and maintain its physical assets. In the premier of Ontario appointed a committee for the purpose of designing a plan to take Abitibi out of receivership.
After the committee's recommendations were accepted by all the creditors in , the company was formally independent once again. Abitibi's year receivership was the longest and most important in the history of Canadian industry, a trauma that would leave its mark in the form of a conservative corporate philosophy and deep skepticism about future expansion of capacity. Abitibi's experience during the Depression was only an extreme example of the Canadian paper industry as a whole.
When a remarkable postwar surge in demand for newsprint raised and prompted U. Ambridge strongly concurred with the prevalent conservatism, guiding Abitibi through two postwar decades of bountiful sales and profit increases while avoiding unnecessary capital expenditures.
In this he was helped by the extraordinary expansion the company had undertaken in , which provided Abitibi with a reserve of production capacity so great that corporate assets did not surpass those of until 30 years afterward. Abitibi thus merely made use of what plants it had to meet the rapidly growing demand of the s, and Ambridge was able to keep debt low and earnings per share extremely high. After the years of receivership, the s were a new golden age. Abitibi had been feeling the effects of the new U.
To counteract this trend, Abitibi overcame its habitual reluctance to expand with the purchases of Cox Newsprint, Inc. Cox, located in Augusta, Georgia, added , tons per year of newsprint capacity to Abitibi's Canadian holdings of 1. The company's capacity was strained, and Rosier suggested that it would be cheaper for the company to buy existing mills than to build them from scratch.
Like Abitibi, Price was strongest in newsprint and kraft production, but it had no fine-paper and building-materials divisions. It recorded a significantly higher proportion of its sales outside North America than did Abitibi. Both companies had modest but profitable base-metal mining operations in Canada, and together they controlled rights to about 50, square miles of forest land--an area somewhat smaller than the state of Illinois.
Price was a company much older than Abitibi, dating back to the early 19th century and the British navy's need for a new source of lumber for its masts. In , William Price had been sent by a leading London lumber merchant to Canada to organize the new operation, and Price subsequently started the company bearing his name. Once again, Abitibi's poor timing led indirectly to a change in ownership. Caught in a cash squeeze, Abitibi tried to placate union demands with big pay hikes and thereby avoid a disastrous strike; instead the unions pushed their advantage and forced the strike anyway.
The walkout was bitter and lasted for months, and by the time the economy rebounded in Abitibi was still trying to put its shaken house in order. In October Abitibi agreed to buy about ten percent of Price's outstanding stock from Consolidated-Bathurst--a Canadian company that had bid against Abitibi for control of Price in and still held ten percent of Price's stock.
Later that month, Abitibi purchased Price's remaining shares. During the s Abitibi-Price made a concerted effort to lessen its dependence on the brutally cyclical newsprint business. It sold off plants, streamlined operations, and focused its efforts on markets where it felt it could be a leader. By the end of the decade the company's diversified group operated the largest network of paper distributors in Canada, the largest envelope manufacturer and largest school and office supplies maker, and one of the leading producers of building materials in the United States.
The diversified group in accounted for approximately half of all corporate revenue, with the remainder generated by the paper group's two divisions of newsprint and printing papers. Newsprint remained the most profitable segment, however, and was the heart of Abitibi-Price's various holdings. Newsprint Market Suffers in the Early s In the newsprint industry entered its worst period since the Great Depression. From to , Abitibi-Price lost hundreds of millions of dollars.
In a global newspaper glut forced Abitibi-Price to close or sell mills and decentralize its operations to regain profitability. Ronald Oberlander became the company's new CEO. He adopted a new strategy to become the world's finest paper company rather than the world's largest. He also began shifting profit responsibilities away from corporate headquarters to the managers at the company's plants and mills.
In spite of falling pulp prices, Abitibi-Price managed to report an operating profit for the first six months of In June Abitibi-Price announced that it would sell its U. The fourth unit, a national supplier of interior wood products from facilities in Hiawatha, Kansas and Lumberton, North Carolina, was sold to an investment group led by Alan J. Gitkin of Wayne, New Jersey. It would change its name to Flair Fold.
Severe price erosion, caused by a continued oversupply of the company's paper products, was blamed for the poor results. Ownership of a second mill in Thunder Bay was in the process of being transferred to its employees. The company was continuing to focus on its core business, the manufacture and marketing of groundwood papers. Other divisions included office products and converted products. It owned some Nationwide, CEP represented about , workers.
Among the union demands were job security, significant wage hikes, cost-of-living indexing, and improved pensions. Abitibi-Price's labor force had been cut back from some 14, in to 8, at the end of Closing one of the Thunder Bay mills in eliminated jobs.
Number one in Canada in terms of total certified woodlands, Abitibi-Consolidated was also one of the largest recyclers of newspapers and magazines, serving 21 metropolitan areas in North America and the United Kingdom. In addition, the Company had significant hydroelectric generating assets in eastern Canada, which provided a cost advantage for the associated production facilities and was an extension into the energy sector.
Abitibi[ edit ] Abitibi Pulp and Paper Co. The company expanded to other locations in Ontario where it also built dams [3] and operated hydro electric power stations. Wherever the company built a mill, a new town sprang up around it and it even built radio stations such as CFCH in Iroquois Falls to serve these remote new communities.
The company acquired other small lumber operations and grew to become a major force in the North American newsprint business but the Great Depression forced the company to file for bankruptcy protection on September 10, A Royal commission was held to enquire into the company's affairs, with its report issued in March Emerging from bankruptcy, the company prospered in the post- World War II industrial boom and in changed its name to the Abitibi Paper Company Ltd.
The merger of Abitibi and the Price Brothers made it the world's biggest newsprint producer.
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