Image via WikipediaThe US economy has always been in a state of change, some major some not so major. A country that elected Abrahan Lincoln was primarily agricultural.
There is a right way to get rid of the competition and there is a wrong way. There is a market way and there is a non market way. The market way is the right way. NewPage has made some shady moves the past year. And now the situation has to be rectified. Common sense has to prevail in September.
Coated-Paper Maker NewPage Withdraws Planned IPO Wall Street Journal NewPage Group Inc. Tuesday pulled its planned initial public offering, according to a Securities and Exchange Commission filing(Blog post ad)
NewPage Withdraws Plans For $805 Million IPO Reuters NewPage manufactures coated paper, which is used in corporate reports, brochures, magazine covers and catalogs. The filing did not give a reason for the withdrawal. .... NewPage filed to float shares in May 2008 but never said how many shares it hoped to sell or gave an expected price range, despite two amendments to its initial filing.
Paper Manufacturer NewPage Cancels Plans For IPO BusinessWeek Coated paper manufacturer NewPage Group Inc. withdrew a two-year-old plan for an initial public offering ..... The company, based in Miamisburg, Ohio, makes paper used by the media and in marketing materials such as corporate annual reports and high-end advertising brochures. .... Earlier in May, NewPage said its parent company's first quarter net loss widened to $179 million from $114 million a year ago .... NewPage was formed by private equity firm Cerberus Capital Management LP in 2005 to acquire the printing and writing papers business of MeadWestvaco Corp.
Proposed Paper Tariff Pits Jobs Vs. Costs Hartford Business Journal A U.S. Department of Commerce proposal to impose stiff tariffs on coated free sheet paper imported from China and Indonesia would help save American jobs and allow domestic companies to compete more fairly for business, supporters say. ..... But the plan could launch an international tariff war, warns a Connecticut printer and other opponents, that could backfire and almost certainly would drive up the cost of printing everything from multicolored catalogs, magazines and books to advertising flyers, menus and greeting cards. .... Chinese and Indonesian producers already hold 30 percent of the U.S. market for coated paper. ..... “If this decision holds, which I think it will, it will be a very good one for our industry,” said John Williams, president of the Maine Pulp & Paper Association. ...... Whether they make coated free sheet (CFS) paper or not, U.S. producers will benefit from the ruling because it likely will reduce Asian imports worth more than $269 million and drive up domestic sales, said Williams. ........ But there’s another view. ..... duties will hurt U.S. printers. ...... “Duties in this case will lead to reductions, delays and disruptions to the paper supply that will increase business costs for thousands of U.S. printers and related industries” ...... “It will jeopardize the competitiveness of U.S. printers as higher costs force many publishers to seek cheaper foreign printing solutions or use other media.” ......... The dispute came to a head when three paper companies — New Page Corp., Appleton Coated LLC and Sappi Fine Paper North America, the U.S. arm of South Africa’s Sappi Ltd. — joined the U.S. Steel Workers in filing a joint anti-dumping petition with the U.S. Department of Commerce and the U.S. International Trade Commission last year. ........ New Page Corp., the largest paper manufacturer in the U.S. ....... “We haven’t seen any new coated free sheet paper mills in decades.” ....... As part of its preliminary anti-dumping ruling in March, the U.S. Department of Commerce suggested a rate of 135.8 percent on certain CFS paper products imported from China — up from a range of 30.82 percent to 89.71 percent; the agency proposed a single rate of 10.62 percent for all coated paper products imported from Indonesia. ....... That means a Chinese company assessed at 30 percent would pay the U.S. Treasury $300,000 in fees to export $1 million worth of coated paper to the U.S. For companies assessed at 135 percent, the import rate would be $1.35 million for every $1 million sent to the U.S. ...... In a similar case brought by U.S. paper manufacturers in December 2007, the International Trade Commission blocked final duties from going into effect because the domestic paper industry had not been harmed. ...... a final determination expected from the U.S. International Trade Commission in September.
Paper jam hits Cerberus The Daily Deal NewPage, the Cerberus-owned coated paper manufacturer, filed for an $805 million initial public offering two years ago but never got close to market.
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