Caraustar Industries, Inc. just announced that it is permanently closing its paperboard mill in Charlotte, North Carolina. The mill, which produced uncoated recycled boxboard, has been idle since December. Caraustar will record a pre-tax charge of $9.7 million, with $7.3 million of that amount being non-cash, in conjunction with the closure. Closing the mill is expected to save the company $11.4 million per year before taxes.
Greg Bartlett, vice president of the sales Mill Group, … Read the rest
Caraustar Industries announced today that due to the economic slowdown, it is closing its Richmond, VA paperboard mill and putting its Charlotte, NC mill on standby. The Richmond Paperboard Mill is closing permanently effective December 11, 2008, generating an anticipated $5.1 million in pre-tax savings for Caraustar. The Charlotte mill will go on standby effective December 19 until demand improves. The company expects to open the Charlotte mill again early in 2009.
‘The vice … Read the rest
Caraustar Industries announced today that it is converting 2 older production facilities in Saginaw, MI into one new facility to produce recycled paperboard products. Because the newer facility has a better, more modern design, the company will be able to improve productivity while saving on the cost of maintaining two separate plants, direct labor costs, and some annual fixed costs.
Paul Curtis, Caraustar’s VP and regional manager, explained the significance of the move for his … Read the rest
Caraustar Industries, a maker of recycled paper products, just released their 3rd quarter results. Before restructuring and impairment costs are accounted for, the company posted a net income that rose just slightly from their net income this time last year, $7 million compared to $6.2 million. However, this year they posted a net loss from continuing operations of $75.4 million, or $2.63 per share. That’s a drop from this time in 2007, when they posted … Read the rest
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