Smurfit-Stone Chairman and CEO Patrick J. Moore Rings Nasdaq Opening Bell in Recognition of Smurfit-Stone's Midway Point in Tran
October 11 2007 - 1:03PM
PR Newswire (US)
- On track with the largest capital investment program in company
history to drive productivity and customer service improvements NEW
YORK, Oct. 11 /PRNewswire-FirstCall/ -- Smurfit-Stone Container
Corporation Chairman and Chief Executive Officer Patrick J. Moore
rang the NASDAQ opening bell this morning to recognize the
company's successful track record in executing its aggressive
transformation strategy. (Photo:
http://www.newscom.com/cgi-bin/prnh/20071011/AQTH074) (Logo:
http://www.newscom.com/cgi-bin/prnh/20070129/SMURFIT-STONELOGO)
"Our 22,000 employees are driving the successful execution of our
company's transformation strategy and solidly positioning
Smurfit-Stone for a prosperous future," Moore said. "At the midway
point of our transformation program, we are improving the financial
performance and cost profile of our operations to drive profitable
growth, and are focusing on financial flexibility to reduce debt
and reinvest in the company. I am proud of the entire Smurfit-Stone
team for achieving these results." Smurfit-Stone has reduced its
debt by $1.3 billion over the past 18 months, divesting non-core
assets to allow the company to focus on its corrugated container,
containerboard, and recycling markets. The company's efforts in
scaling its operations has led to an 11 percent productivity
improvement in its corrugated container operations, and its new,
centralized sales and marketing team has helped improve sales and
customer service. Smurfit-Stone's containerboard operations have
maintained previous years' production levels despite closing four
mills in the past two years. Smurfit-Stone is one of the world's
largest paper recyclers, and the company's recycling division
provides an excellent growth platform given trends toward
environmental sustainability. "As part of our three-year strategy,
we are investing $400 million in incremental capital, the largest
such program in company history, to better serve our customers,"
Moore said. "In total, there will be more than 1,000 unique capital
investment events involved in this plan." Part of the capital
investment program includes new corrugated container facilities in
Chicago and Los Angeles which will include the industry's highest
volume corrugators. Smurfit-Stone already has similar facilities in
key markets such as Atlanta, Dallas, and Toronto. "The corrugators
and converting equipment at Chicago and Los Angeles facilities will
each generate greater product throughput than any single corrugated
container plant in our system," Moore said. "Our employees, the
equipment we are installing, and the systems and operational best
practices we will have in place will make these world class
operations." At the midway point of its three-year transformation
plan, Smurfit-Stone is ahead of schedule on its $525 million cost
reduction target, having already achieved $400 million in
annualized cost savings. The company has made these accomplishments
while maintaining its focus on safety. Smurfit-Stone has led the
industry in safety performance every year since 2001. "I am pleased
with our performance as we move into the second half of our
transformation strategy," Moore said. "We have a great future ahead
of us as we strive to become the safest and most profitable company
in the industry." Smurfit-Stone Container Corporation is reshaping
the world of packaging to drive profitable growth for our business
and our customers' businesses by delivering the strongest
price-value equation in the marketplace. Smurfit- Stone is the
industry's leading integrated manufacturer of paperboard and
paper-based packaging products and service and is one of the
world's largest paper recyclers. The company is the only one in the
industry to manufacture more than 70 custom, proprietary and
standard machines, offering customers turn-key installation,
automation, line integration and packaging solutions. Smurfit-Stone
is a member of the World Business Council for Sustainable
Development and the Chicago Climate Exchange. The company generated
revenue of $7.2 billion in 2006, has led the industry in safety
every year since 2001, and conducts its business in compliance with
the environmental, health, and safety principles of the American
Forest & Paper Association.
http://www.newscom.com/cgi-bin/prnh/20071011/AQTH074
http://www.newscom.com/cgi-bin/prnh/20070129/SMURFIT-STONELOGO
http://photoarchive.ap.org/ DATASOURCE: Smurfit-Stone Container
Corporation CONTACT: media, Tom Lange, +1-314-378-4477, or
investors, John Haudrich, +1-314-656-5375, or Brian Peura,
+1-314-656-5696, all of Smurfit-Stone Web site:
http://www.smurfit-stone.com/
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