(formerly Bergstrom Paper Company)
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P.H. Glatfelter
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(formerly Bergstrom Paper Company) |
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P.H. Glatfelter Company This company was founded in 1864 and makes engineered and specialized printing papers, for a variety of products: playing cards, postage stamps, surgical gowns, cigarette papers, cigarette tipping and plug wrap papers, metalized beverage labels, decorative laminates, food product casings, stencil papers, photo-glossy ink jet papers, greeting cards and medical dressings, among others. Sales are generally direct to the converter of the paper. The specialized printing papers, primarily uncoated free-sheets, are used mostly for printing of case-bound and quality paperback books, commercial and financial printing and envelope converting. The company is one of the leading makers of book publishing papers in the U.S. Its Schoeller & Hoesch subsidiary in Germany produces papers for tea bags and cigarettes, but the cigarette papers are being phased out to produce other papers. Another subsidiary, Glatfelter Pulp Wood Company, owns about 100,000 acres of timberlands and provides 25% of the company's pulp needs. The Eucusta subsidiaries, which make tobacco-related papers, were recently sold by P.H. Glatfelter. As the company states in its 2000 Annual Report, "Legal, regulatory and competitive pressures on the tobacco industry in the United States and elsewhere could have a material adverse effect on future tobacco paper sales. The profitability of these mills has already been negatively affected by these pressures." Organizational Structure P.H. Glatfelter Company - Executive Office
Phone: 717-225-4711
The company has 430 employees in Wisconsin, 2,750 in the U.S. and 3,400 worldwide (prior to sale of Eucusta subsidiaries). Executive Officers: George H. Glatfelter II, Board Chairman and CEO (FY2000 pay: $780,000)Directors Robert. E. Chappell, President and CEO, Penn Mutual Life InsuranceDivisions ManufacturingSubsidiariesWisconsin --- Bergstrom Division, NeenahSales Offices The Glatfelter Pulp Wood Companyback to menu Bergstrom Division Mill 225 W. Wisconsin Avenueback to menu Financial Information Members of the Glatfelter family own about 40% of the company.
In 1998, the company generated annual revenues of $705 million. For
the six months ended 6/30/01, revenues fell 4% to $364.1 million from previous
levels. Net loss totaled $7.1 million vs. an income of $24.7 million. Revenues
reflect decreased sales volumes of specialized printing papers. Net loss
reflects an asset impairment charge of $52.5 million related to the agreement
to sell the Ecusta mill and two subsidiaries for a cash price of
approximately $24 million. The company is investing $36 million to
rebuild a paper machine in Germany and expand the Philippines operation
by 50%.
Source: Hoover's Online, the Business Network Top Institutional Stockholdersback to menuPNC Financial Services Group, Inc.Top Mutual Fund Holders Company Comments about the Fox River (from P.H. Glatfelter's 2000 Annual Report) "The Registrant, along with six other companies which operate or formerly operated facilities along the Fox River in Wisconsin, has been identified as a potentially responsible party ("PRP") under the federal Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") and other laws for (a) investigation and cleanup and (b) natural resources damages arising from the alleged discharge of polychlorinated biphenyls ("PCBs") and other hazardous substances to the Fox River below Lake Winnebago (the "lower Fox River") and the Bay of Green Bay. A dispute presently exists as to which sovereign controls which claims concerning this matter. Accordingly, the Registrant has been in discussions with EPA, the Wisconsin Department of Natural Resources ("DNR"), the United States Fish and Wildlife Service ("FWS"), the National Oceanic and Atmospheric Administration ("NOAA"), the Menominee Indian Tribe of Wisconsin, the Oneida Tribe of Indians of Wisconsin, and the state and federal Departments of Justice." "On July 11, 1997, these agencies and tribes entered into a Memorandum of Agreement (the "MOA") which provides for coordination and cooperation among those parties in addressing the release or threat of release of hazardous substances into the lower Fox River, Green Bay and Lake Michigan environment. The MOA sets forth a mutual goal of remediating and/or responding to hazardous substance releases and threats of releases, and restoring injured and potentially injured natural resources. The MOA further states that, based on current information, removal of the PCB-contaminated sediments in the lower Fox River is expected to be the principal, but not exclusive, action undertaken to achieve restoration and rehabilitation of injured natural resources. The MOA anticipates funding from the Registrant [Glatfelter] and the six other companies." "On February 26, 1999, DNR released a draft remedial investigation and feasibility study ("RI/FS") for the lower Fox River for public comment. In the draft RI/FS, DNR reviewed and summarized a number of possible remedial alternatives for the site estimated to cost in the range of $0 to $721,000,000, but did not select a preferred remedy. The Registrant [Glatfelter] does not believe that the no action remedy will be selected. The largest components of the costs of certain of the remedial alternatives are attributable to large-scale sediment removal and disposal. There is no assurance that the cost estimates in the draft RI/FS will not differ significantly from actual costs. The Registrant and the other six companies have submitted extensive technical comments to the draft RI/FS. In addition, the Registrant has submitted its individual comments to the draft RI/FS. DNR and EPA have announced that the RI/FS will be revised. The revision may add, delete or amend the remedial alternatives, and a final RI/FS and a proposed remedial action plan will be issued. The agencies have publicly stated that these documents may be issued in mid to late 2000." "Based on current information and advice from its environmental consultants, the Registrant [Glatfelter] continues to believe that an aggressive effort, as included in certain remedial alternatives in the draft RI/FS, to remove PCB-contaminated sediment, much of which is buried under cleaner material or is otherwise unlikely to move and which is abating naturally, would be environmentally detrimental and, therefore, inappropriate." "Natural resources damages may be assessed in addition to cleanup costs. In November 1999, FWS announced a preliminary estimate of damages as the result of injury to recreational fishing. The range of damages announced is from $106 million to $150 million. The Registrant believes that this range is significantly overstated. FWS and the federal and tribal trustees have not yet announced estimates of certain other components of their natural resources damages claim. The Registrant believes DNR to be the lead agency for assessment of damages, and has been cooperatively assessing damages with DNR independent of the federal agencies." "The Registrant currently is unable to predict the ultimate costs to the Registrant related to this matter, because the Registrant cannot predict which remedy will be selected for the site or its share of the cost of that remedy." "The Registrant continues to believe it is likely that this matter will result in litigation; however, the Registrant believes it will be able to persuade a court that removal of a substantial amount of PCB-contaminated sediments is not an appropriate remedy. There can be no assurance, however, that the Registrant will be successful in arguing that removal of PCB-contaminated sediments is inappropriate, that it would prevail in any resulting litigation, that its share of the cost of any remedy selected would not have a material adverse effect on the Registrant's consolidated financial condition, liquidity or results of operations or result in a default under the Registrant's loan covenants or that the Registrant's share of such cost would not exceed its available resources." "The amount and timing of future expenditures for environmental compliance, cleanup, remediation and personal injury, natural resource damage and property damage liability, including but not limited to those related to the lower Fox River and the Bay of Green Bay, cannot be ascertained with any certainty due to, among other things, the unknown extent and nature of any contamination, the extent and timing of any technological advances for pollution control, the remedial actions which may be required and the number and financial resources of any other responsible parties. The Registrant continues to evaluate its exposure and the level of its reserves, including, but not limited to, its share of the costs and damages (if any) associated with the lower Fox River and the Bay of Green Bay. The Registrant believes that it is insured against certain losses related to the lower Fox River, depending on the nature and amount thereof. Coverage, which is currently being investigated under reservation of rights by various insurance companies, is dependent upon the identity of the plaintiff, the procedural posture of the claims asserted and how such claims are characterized. The Registrant does not know when the insurers' investigation as to coverage will be completed." "The Registrant's current assessment, after consultation with legal counsel, is that ultimately it should be able to resolve these environmental matters without a long-term material adverse impact on the Registrant. In the meantime, however, these matters could, at any particular time or for any particular period, have a material adverse effect on the Registrant's consolidated financial condition, liquidity or results of operations. Moreover, there can be no assurance that the Registrant's reserves will be adequate to provide for future obligations related to these matters or that such obligations will not have a long-term material adverse effect on the Registrant's consolidated financial condition, liquidity or results of operations." Clean Water Action Council's observations:
References and Links P.H. Glatfelter Company websiteback to top |
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CONTENT BY: Rebecca Leighton Katers WEB DESIGN BY: DataScouts WEB HOSTING BY: Doteasy
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