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News Breaks | | | | June 25, 2012 | | 14:55 EDT |  | BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI, BKI | Buckeye Technologies says fluff pulp line targeted for restart on July 4
Buckeye Technologies announced it is targeting the restart of its fluff pulp line for July 4. The specialty pulp line has been up and safely running at target rates since early Saturday morning, June 23. The specialty pulp line mix will not be fully optimized until the fluff line is back in operation. Among other things, the July 4 timeline depends on procurement of materials and the amount of work required to repair and replace drums and other damaged equipment. Both production lines were idled on Sunday evening, June 17, due to a significant failure of a steam drum on the fluff pulp line. There were no injuries associated with this incident. We expect our property damage and business interruption insurance will cover most of the losses in excess of our $2M deductible. Net of insurance recovery, we estimate the total net earnings impact of this event to be in the range of 5c-10c per share. We expect Q4 FY 2012 (April-June 2012) earnings to be reduced by 8c-11c per share as a result of this event. The net impact on first half FY 2013 earnings (July-December 2012) should be small as we expect to recognize the bulk of the insurance benefits during this period. We also anticipate the lost production volume due to the outage will reduce sales revenue by about $20M primarily in the July to December 2012 period. | |
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News For BKI From The Last 14 Days Check below for free stories on BKI the last two weeks. |
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| May 15, 2013 | | 12:56 EDT |  | BKI | Buckeye Technologies management to meet with DA Davidson
Meetings to be held in Portland on May 21 and in Seattle on May 22 hosted by DA Davidson. | | | May 7, 2013 | | 08:31 EDT | | BKI | Georgia-Pacific commences cash tender offer for Buckeye Technologies at $37.50
Georgia-Pacific announced that an entity controlled by Georgia-Pacific, GP Cellulose Group, has launched its previously announced tender offer for all of the outstanding shares of common stock of Buckeye Technologies at $37.50 per share net to the holder in cash. Under terms of the merger agreement, after the completion of the tender offer and the satisfaction or waiver of all conditions, Buckeye Technologies will merge into Georgia-Pacific's GP Cellulose Group, and all outstanding shares of Buckeye Technologies' common stock, other than shares held by Georgia-Pacific, GP Cellulose Group or Buckeye Technologies, or shares held by stockholders of Buckeye Technologies who have and validly exercise appraisal rights under Delaware law, will be cancelled and converted into the right to receive $37.50 per share, net to the holder in cash. | |
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