Abitibi dives into Asia

Article Abstract:

Abitibi-Consolidated Inc., a Montreal, Quebec-based company, will form an estimated $1-billion joint venture with Norske Skogindustrier AS of Norway and Hansol Paper Co. of South Korea. The proposed joint venture is expected to be the largest producer of newsprint in Asia, outside of Japan. The joint venture will own 100% of Hansol's Chonju mill in South Korea and would acquire Hansol's0 53% ownership in a joint venture in China. The venture will also control two mills, which Norske recently consented to acquire in South Korea and Thailand. The four mills will have a combined annual capacity of about 1.5 million tonnes, giving the joint venture an 18% share of the Asian market and a 40% share in non-Japan Asia. Abitibi is the largest producer and exporter of newsprint in the world.

Comment:

Will form an estimated $1-bil JV in Asia w/ Abitibi-Consolidated Inc of Montreal, Quebec, & Noske Skogindustrier AS of Norway

Joint ventures, Asia, Newsprint, Newsprint Mills, Abitibi-Consolidated Inc., Norske Skogindustrier AS, Hansol Paper Co.

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Siemens to slash over 200 Ontario jobs

Article Abstract:

Siemens Automotive Systems plans to eliminate as many as 240 jobs at its plant in London, Ontario, eight days after it signed a new contract with the Canadian Auto Workers union. The union is now accusing the company of negotiating in bad faith, since the company said that only 40 employees would be laid off from its 600-people work force. The union now plans to launch a complaint against the company with the Ontario Labour Regulations Board. According to the union's chairman, Doug Fortier, had they known of the layoffs, they would have negotiated a different strategy.

Comment:

Plans to eliminate as many as 240 jobs at its plant in London, Ontario

Labor force information, Motor Vehicle Parts, Motor Vehicle Parts Manufacturing, Ontario, Automotive parts, Siemens Automotive Systems Ltd.

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