Type | Public company (TSX: A), (NYSE: ABY) |
---|---|
Industry | Pulp and paper, wood products |
Predecessor | Abitibi-Price Inc. Stone Consolidated Corp. |
Successor | AbitibiBowater Inc. |
Founded | Montreal, Quebec, Canada (1997 ) |
Defunct | 2007 | ; bought by Resolute Forest Products
Fate | Merged |
Headquarters | Montreal, Quebec , Canada |
Area served | Worldwide |
Key people | John W. Weaver (CEO) Jacques Bougie (Chairman) Pierre Rougeau (CFO) |
Products | Newsprint, Uncoated Groundwood, Wood Products, Recycling Services |
Revenue | $5.342 billion CAD (2005) |
$276.00 million CAD (2005) | |
$350.00 million CAD (2005) | |
Number of employees | 17,000 (2006) |
Parent | Resolute Forest Products |
Website | www.abitibiconsolidated.com |
Abitibi Consolidated Inc. was a Canadian pulp and paper company based in Montreal, Quebec. Abitibi-Consolidated was formed from the merger of Abitibi-Price Inc. and Stone Consolidated Corp. on May 29, 1997; the Company merged with Bowater in 2007 to form AbitibiBowater.
A network of 19 paper mills, 20 sawmills, 4 remanufacturing facilities and 2 engineered wood facilities, located in Canada, the United States and the United Kingdom, supplied publishers, printers, building products distributors and housing manufacturers in over 70 countries. It had approximately 12,500 employees.
A global leader in newsprint, commercial printing papers and wood products, the Company saw combined revenues of $4.85 billion in 2006. 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.
Price Brothers & Company Limited was a lumber firm from Quebec founded in 1820 as William Price Company by William Price. Following the death of Price Sr sons William Evan Price and Evans John Price took over and the firm became Price Brothers and Company Limited. [1]
In 1910 the company became Price Brothers Limited as (Sir) William Price III took control of the family firm. After Sir William's death in 1924, his sons John Herbert and Arthur Clifford Price assumed control. [1] In the 1930s the Price family lost control and the firm was sold. Price Brothers and Company was renamed Price Limited in 1966 [2] and was acquired by Abitibi Power and Paper Co. and became Abitibi-Price in 1974. When Abitibi-Price became Abitibi-Consolidated in 1997, the Price name finally disappeared.
Abitibi Pulp and Paper Co. Ltd. was founded in 1912 at Iroquois Falls, Ontario on the Abitibi River by Frank Harris Anson. The following February, the company name was changed to Abitibi Power and Paper Co. Ltd. to reflect the power generation business it created through the need to build a dam to generate electricity for its mill. 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, 1932. A Royal commission was held to enquire into the company's affairs, with its report issued in March 1941. [4] It remained under the control of the Court-appointed Receiver until 1946, the longest such receivership in Canadian history. Emerging from bankruptcy, the company prospered in the post-World War II industrial boom and in 1965 changed its name to the Abitibi Paper Company Ltd. In 1974, Abitibi purchased a controlling interest in the Price Brothers & Company Limited which had extensive operations in the Province of Quebec and whose vast forestry business dated back to the William Price Company established in Quebec City in 1820. The merger of Abitibi and the Price Brothers made it the world's biggest newsprint producer. In 1979, the corporate name was changed to Abitibi-Price Inc. and in 1981 it was taken over by Olympia and York Developments Ltd. In 1982, 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 1978. [5] With the purchase of Hilroy, Abitibi-Price became the premiere vertically-integrated supplier of office stationery in the Canadian market. The collapse of Olympia and York in 1992 resulted in the consortium of banks being forced to take control of Abitibi-Price Inc. for a short time until they sold it through a public share issue in 1994. The share issue also entailed the divestment and sale of Hilroy to the Mead Corporation. [5]
The Bathurst Power and Paper Company Ltd. built a mill in Bathurst, New Brunswick in 1914. Majority control of the company was obtained in the late 1930s by Arthur J. Nesbitt and his partner Peter A. T. Thomson through their holding company, Power Corporation of Canada. In the early 1960s, Power Corporation bought the Consolidated Paper Company. When Paul Desmarais acquired control of Power Corporation in 1968, the two companies were merged to become Consolidated-Bathurst Inc., which, in 1989, was sold to Stone Container Corporation of Chicago, Illinois who renamed it Stone Consolidated Inc.
In 2000, Abitibi-Consolidated acquired a majority shareholding in Canadian integrated forest products company Donohue Inc. [6]
On January 29, 2007, Bowater and Abitibi-Consolidated announced they would be merging to create AbitibiBowater. [7] The merger created the third largest pulp and paper company in North America, and the eighth largest in the world. Following the merger, Abitibi-Consolidated was rated B1, B+ and B+ by Moody's, Standard & Poor's and Fitch Ratings respectively.
Abitibi may refer to:
Domtar Corporation is the largest integrated producer of uncoated free-sheet paper in North America and the second largest in the world based on production capacity, and is also a manufacturer of papergrade pulp.
Bowater Inc. was a paper and pulp business headquartered in Greenville, South Carolina. It merged with Abitibi-Consolidated in 2007, and the combined company went on to become Resolute Forest Products.
Paul Desmarais Sr. was a Canadian financier and philanthropist, based in Montreal. With an estimated family net worth of US$4.5 billion, Desmarais was ranked by Forbes as the fourth wealthiest person in Canada and 235th in the world in 2013. He was chairman and chief executive officer of Power Corporation of Canada until 1996 when he passed the reins of management of Power Corporation to his sons, Paul Jr. and André. He then continued to serve as a director and as chairman of the executive committee of the board, and remained the controlling shareholder. Power Corporation of Canada is a diversified international management and holding company with interests in companies in the financial services, asset management, sustainable and renewable energy, and other business sectors.
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St. Marys Paper Ltd. was a manufacturer of pulp and paper, with its mill located in Sault Ste. Marie, Ontario, Canada. The mill was situated on the St. Marys River waterfront, just east of Algoma Steel.
Dalhousie is a Canadian town located in Restigouche County, New Brunswick. New Brunswick's northernmost point of land is situated in Dalhousie, where the Restigouche River meets Chaleur Bay. The town has a population of 3,126 (2016).
Rexam plc was a British-based multinational consumer packaging company headquartered in London, England. After spending much of its life as a paper producer known as Bowater, it diversified and became a leading manufacturer of beverage cans. It had 55 plants in over 20 countries across Asia, Europe, North America and South America. In June 2016, Rexam was acquired by Ball Corporation for $8.4 billion.
Donnacona is an industrial town located about 40 kilometres (25 mi) west of Quebec City in Portneuf County, Quebec, Canada.
Resolute Forest Products, formerly known as AbitibiBowater Inc., is a pulp, paper, tissue, and wood products manufacturer headquartered in Montreal, Quebec, Canada, formed by the merger of Bowater and Abitibi-Consolidated, which was announced 29 January 2007. At the time, AbitibiBowater was the third largest pulp and paper company in North America, and the eighth largest in the world. On 1 July 2012, the company name changed to Resolute Forest Products. Resolute Forest Products is a member of the Forest Products Association of Canada and the American Forest & Paper Association.
The Forest Products Association of Canada (FPAC) is a trade association which represents Canada's wood, pulp and paper producers both nationally and internationally in government, trade, and environmental affairs. Canada's forest products industry is an $80 billion a year industry that represents 2% of Canada's GDP.
The Great Lakes Paper Company was the operator of the largest and most modern pulp and paper manufacturing facility in the world. The Company employed over 4,000 in Northern Ontario, starting in 1924 as a pulp mill at Fort William, Ontario. Great Lakes had a highly developed social network within the company, including a children's Christmas party held at a local arena, and an annual picnic held at a local park, as well as many sports teams and other social groups. The company's working environment was enhanced by cultural diversity. For example under the Government of Canada's immigration policy, the "Close Relatives Scheme" resulted in over 400 Ukrainian refugees being employed as workers after World War II.
Abitibi Power and Paper Company was a forest products business based in Montreal, Quebec, that was founded in 1914. The firm was a mainstay of the Canadian newsprint industry in the first half of the 20th century, and now forms part of Abitibi-Consolidated.
The Bowater Mersey Paper Company Limited, commonly shortened to Bowater Mersey, is a forestry company operating in the Canadian province of Nova Scotia.
Donohue Inc. was a Canadian company founded in 1920 as Murray River Power and Pulp Co. Limited and incorporated in Quebec. The company changed its name to Donohue Brothers Limited, in 1921, then to Donohue Company Limited, in 1970, and to Donohue Inc. in 1978. All shares were acquired by Abitibi-Consolidated Inc. in 2000 for $7.1 billion. The company was headquartered at 500 Sherbrooke Street West, Suite 800, Montreal, Quebec, Canada, H3A 3C6.
Newfoundland and Labrador v AbitibiBowater Inc, 2012 SCC 67 is a ruling by the Supreme Court of Canada dealing with whether an obligation incurred under regulatory action constitutes a claim under the Companies' Creditors Arrangement Act, thus becoming subject to a stay of proceedings.
Finlay Forest Industries was a Canadian forest products company based in Mackenzie, British Columbia.
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Established in 1914, the Bathurst Power and Paper Company was a combined logging, lumber mill and wood-pulp paper company that supplied its own electric power from Nepisiguit Grand Falls. Its operations were centred at Bathurst, New Brunswick. After changing hands several times over the course of a century, Smurfit-Stone closed the mill in 2006, and sold the site to a redevelopment firm. The redeveloper, which was already defunct by January 2016, was fined $150,000 in July 2016 under the New Brunswick Clean Environment Act.