SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES ACT OF 1934
--------------------------------------------------------------------------------
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): April 21, 2004
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
ITEM 5. OTHER EVENTS
On April 21, 2004, the Registrant issued the following press release
concerning the Americana, Brazil facility.
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 PLAN TO UPGRADE CAPABILITY
OF AMERICANA, BRAZIL COTTON CELLULOSE PLANT
MEMPHIS, TN April 21, 2004 - Buckeye Technologies Inc. (NYSE:BKI) today
announced that it intends to invest approximately $18 million at its Americana,
Brazil cotton cellulose manufacturing facility to upgrade the operation to
produce a variety of specialty market pulps. The investment will be made over
the next 18 months to enable the plant to begin production of the more
technically advanced products in the fall of 2005.
Buckeye Chairman, David B. Ferraro, commented, "Our Americana cotton cellulose
plant is an efficient, low cost facility that currently only toll manufactures
products for use in staple rayon applications. This investment will enable
Buckeye to offer attractively priced specialty products in a wide array of
areas, including the ether, nitrate, casings, and paper markets."
Mr. Ferraro further stated, "Our Brazilian plant not only has low manufacturing
costs, but also benefits from the country's large and expanding source of cotton
linters, the principal raw material used in cotton cellulose manufacturing. This
combination provides the basis for Buckeye to improve its product mix and
strengthen its specialty fibers business. We are confident that the modernized
Americana plant will be a strong contributor to the Company's future
profitability."
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.
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
--------------------------------------
Kristopher J. Matula
Executive Vice President and Chief Financial Officer
April 23, 2004