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Boise to restructure Oregon mill
Boise Inc. said in November it would restructure operations at its St. Helens, OR, pulp and paper mill. The pulp mill will be shut permanently and paper capacity will be cut by 200,000 tons. Machines #1 and #4 will be shut. Machine #2 will continue, making lightweight opaque and flexible packaging papers. About 300 jobs will be lost. The Cascades Tissue Groupowned machine #3 will continue operating. Also in November, and subsequent to the news about St. Helens, Boise was informed by the New York Stock Exchange that it does not comply with NYSE listing standards. Boise was "below criteria" because its total market capitalization was less than $75 million over a 30-trading-day period, and the average closing price of its common stock was less than $1 over a consecutive 30-day period. The NYSE rules allow Boise to submit a plan to achieve compliance. If the plan is rejected, Boise will be subject to suspension by the NYSE and delisting by the Securities Exchange Commission. Boise must also bring its stock price above $1 otherwise it will be subject to NYSE suspension and delisting procedures. Alexander Toeldte, Boise's president and CEO said "an unprecedented financial market downturn" put pressure on the stock price. "While we are disappointed by this notification, we are taking proactive steps to address the issue. We are encouraged by our third quarter results and the progress we have made and continue to make in improving our operating and financial performance." PI
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