Shipment volumes up for cotton specialty fibers & nonwovens at Buckeye
04 Nov '09
4 min read
“The Buckeye organization remains focused on reducing cost and maintaining tight control on working capital. We made significant progress during the quarter toward our recently updated fiscal year-end debt goal of $275 million, reducing our debt to $295 million during the past quarter. A key milestone for us was the redemption of all $110MM of our 2010 notes at the end of July, which moves our nearest term debt maturity out to July 2012 and will result in significant interest expense savings starting in the quarter just completed.”
Mr. Crowe went on to say, “Buckeye made progress on several other fronts during the past quarter. We have restarted the energy independence project at our Foley mill, with the help of a $7.4 MM grant from the State of Florida, which will help us complete the project. Through September, we have spent $20MM on this $45MM project. We are also finalizing an agreement with the University of Florida for a pilot biorefinery facility at our Foley facility. We continue to look for opportunities in energy and other areas to grow our revenues. While debt reduction continues to be our highest priority, we are now in a better position to allocate capital to high return opportunities like the energy independence project.”
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