SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF THE
THE SECURITIES ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): April 1, 2004
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BUCKEYE TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-60032 62-1518973
(State of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
1001 Tillman Street, Memphis, Tennessee 38112
(Address of principal executive offices)
Registrant's telephone, including area code (901) 320-8100
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ITEM 5. OTHER EVENTS
On April 1, 2004, the Registrant issued the following press release and
conference call announcement.
News from News from
[OBJECT OMITTED]
FOR IMMEDIATE RELEASE
Contacts: Kris Matula, Executive Vice President
and Chief Financial Officer
901-320-8588
Gordon Mitchell
Investor Relations Manager
901-320-8256
Website: www.bkitech.com
BUCKEYE ANNOUNCES CLOSURE OF CORK, IRELAND
MANUFACTURING FACILITY
MEMPHIS, TN April 1, 2004 - Buckeye Technologies Inc. (NYSE:BKI) today announced
that it will discontinue producing airlaid nonwoven materials at its Cork,
Ireland facility by August. The Company will continue to meet customer needs for
airlaid nonwoven materials by producing these products at its facilities in
Delta, British Columbia, Canada; Steinfurt, Germany; and Gaston, North Carolina.
Buckeye Chairman, David B. Ferraro, stated, "Airlaid nonwoven materials are a
very important part of Buckeye's product portfolio. Although we will cease
production at the small single-line Cork plant, we will meet current and
anticipated needs for these materials by increasing output at our three larger
facilities. This consolidation will enable us to improve our overall airlaid
nonwoven materials operating results by about $7 million annually and reduce
working capital needs by about $4 million. We will begin to realize these
benefits in the October-December quarter and anticipate achieving all the
savings by the end of fiscal 2005."
Mr. Ferraro further commented, "It is extremely unfortunate that market
conditions necessitate closure of the Cork facility and termination of
approximately 83 dedicated employees. The Company will incur restructuring
costs, including employee termination expenses, of approximately $3 million
during the next six months. Additionally, we will include a non-cash asset
impairment charge relating to the Cork facility of about $27 million after tax
in our March financial results."
Buckeye has scheduled a conference call for April 2, 2004 9:30 a.m. CST to
further discuss the Cork plant closure. All interested parties are invited to
dial in at (800) 946-0785 (U.S.) or (719) 457-2661 (International).
Buckeye, a leading manufacturer and marketer of specialty cellulose and
absorbent products, is headquartered in Memphis, Tennessee, USA. The Company
currently operates facilities in the United States, Germany, Canada, Ireland and
Brazil. Its products are sold worldwide to makers of consumer and industrial
goods.
Certain matters discussed in this press release may constitute forward-looking
statements within the meaning of the federal securities laws that involve risks
and uncertainties, including but not limited to economic, competitive,
governmental, and technological factors affecting the Company's operations,
financing, markets, products, services and prices, and other factors. For
further information on factors which could impact the Company and the statements
contained herein, please refer to public filings with the Securities and
Exchange Commission.
CONFERENCE CALL
for
BUCKEYE TECHNOLOGIES INC.
Closure of Cork, Ireland Manufacuring Facility
We have scheduled a conference call for
Friday, April 2, 2004
9:30 a.m. Central
Management participating on the call will include
David B. Ferraro, Chief Executive Officer
Kristopher J. Matula, Exec. Vice President, Chief Financial Officer
Gordon B. Mitchell, Investor Relations Manager
All interested parties are invited to listen to the audio conference call live
or tape delayed via the website WWW.STREETEVENTS.COM or via the Company's
website homepage at WWW.BKITECH.COM. The replay will be archived on these
websites through May 2, 2004.
In addition, persons interested in listening by telephone may dial in at (800)
946-0785 within the United States. International callers should dial (719)
457-2661. Participants should call no later than 9:25 a.m. CT.
To listen to the telephone replay of the conference call, dial (888) 203-1112 or
(719) 457-0820. The passcode is 613845. The telephone replay will be available
until midnight April 16, 2004.
A press release was issued via Business Wire on April 1. If you did not receive
a copy of this release, please contact Gordon Mitchell at (901) 320-8256.
We look forward to your participation.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized,
BUCKEYE TECHNOLOGIES INC.
/S/ KRISTOPHER J. MATULA
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Kristopher J. Matula
Executive Vice President and Chief Financial Officer
April 1, 2004