A new sign outside of the AbitibiBowater plant on Highway 58 shows the new name and logo the company is operating under. Paul Forsyth/Niagara This Week.
THOROLD – People driving along Highway 58 in Thorold now see something new outside of the giant AbitibiBowater paper plant: a new sign with a new name.
After going through creditor protection and a major restructuring process to transform the paper and wood behemoth into a leaner, meaner company, AbitibiBowater has is now doing business under the name Resolute Forest Products.
The familiar Abitibibowater logo and name are gone, replaced outside the Thorold plant with the new name and the green Resolute logo, a stylized ‘R.’
The company announced in November it was beginning the rollout of its new identity. Richard Garneau, president and chief executive officer of the company that operates 18 pulp and paper mills and 24 wood products facilities in Canada, the United States and South Korea, said the name change is designed to reflect the fact that Resolute’s restructuring will ensure continued profitability and sustainability for the company.
AbitibiBowater Inc. won’t change its legal name until the company gets approval from shareholders at its 2012 annual general meeting.
The company was hit hard by a sharp drop in demand for newsprint. After seeking protection from creditors, the company said it slashed its paper and wood production capacity, with newsprint production reduced by 41 per cent. The company also reduced its debt burden by 88 per cent from $6.8 billion to $850 million, and eliminated $880 million of annual fixed costs, from $135 billion to $473 million.
There were fears the Thorold plant, with about 300 employees, might have been one of the facilities on the chopping block. Retired workers were also worried about the future of their pensions.
But Seth Kursman, vice-president of public affairs with AbitibiBowater, told This Week from Montreal last December – when the company emerged from creditor protection – that the Thorold plant appears to be here to stay.
“There’s no plans to change the operations at this time,” he said. “We hope everyone there is excited.
“We look to the future with promise and excitement. The company is today fundamentally transformed.”
Surviving the restructuring wasn’t painless for the Thorold workers. Earlier in 2010, workers at the Thorold paper mill and at other plants in eastern Canada voted to approve a new collective agreement that included pay cuts of about 10 per cent, but protected pensions for retirees and workers.
Garneau said Resolute is now a leaner, more flexible organization that will be better able to respond swiftly to developments in the market.
“Resolute is well-positioned for the long term,” he said in a company news release
(By Paul Forsyth of Niagara This Week)
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St. Catharines man appointed to board of Medical Futures Inc.
Medical Futures Inc. (MFI) is pleased to introduce John Suk, a newly appointed board member.
Suk is a well-rounded executive who has spent over 25 years working in large multi-national pharmaceutical companies such as Nycomed, Roche and GlaxoSmithKline.
“John Suk brings with him a wealth of knowledge to support the continued growth of MFI. He represents a strong, and strategic addition to our board of directors and will serve as a valuable asset to our team moving forward, particularly with our upcoming launch of Durela™, a new option in pain treatment,” said Colin Campbell, the company’s chief executive officer.
Suk is the former CEO of Nycomed Canada Inc. having started the company as Byk Canada in 1997. As an illustration of his success in the industry Nycomed has been listed as one of the Top Ten Best Workplaces in Canada for several years and has enjoyed great success in the Canadian pharmaceutical market specifically in gastrointestinal, respiratory and pain markets. Recently, Nycomed was sold to Takeda of Japan.
Currently, Suk also serves on the Brock University Board and is chairman of the finance & HR committee at Brock. He is also on the board of Exciton Technologies in Edmonton, serving as vice-chairman and is a director of Ultimate Kiosks in Niagara. Suk and his wife Susan live in St. Catharines and have three adult children and two grandchildren.
“I am delighted to be joining Medical Futures at this important juncture in its history with strong growth and important product launches,” said Suk. “I feel my experience in pharmaceuticals will be an asset to the company, and that Medical Futures will continue to develop as an innovative player in the Canadian Pharmaceutical marketplace.”
(Source: Marketwire)
