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Resolute Forest Products

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This is an old revision of this page, as edited by EdiTHORial (talk | contribs) at 19:06, 19 December 2018 (→Operations: Updated information about Resolute's operations. Provided updated information about Resolute's GHG commitment with a subsection on Sustainability.). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Resolute Forest Products Inc.
Company typePublic
TSX: RFP
NYSE: RFP
IndustryPulp and Paper
Founded2007 (Abitibi-Consolidated and Bowater merger)
HeadquartersMontreal, Quebec
Canada
Area served
Worldwide
Key people
Bradley P. Martin
(Chairman)
Yves Laflamme CEO[1]
Remi Lablonde CFO[2]
ProductsNewsprint
Specialty papers
Market pulp
Wood products
Tissue
RevenueDecrease US$ 3.513 billion (2017)[3]
Increase US$ 49 million (2017)[3]
Decrease US$ 84 million (2017)[3]
Total assetsDecrease US$ 4.147 billion (2017)[3]
Total equityDecrease US$ 1.6 billion (2017)[3]
Number of employees
8,000 (2017) [4]
Websitewww.resolutefp.com

Resolute Forest Products (French:Produits forestiers Résolu), formerly known as AbitibiBowater Inc., is a pulp and paper manufacturer headquartered in Montreal, Quebec, Canada, formed by the merger of Bowater and Abitibi-Consolidated, which was announced 29 January 2007.[5] At the time, AbitibiBowater was the third largest pulp and paper company in North America, and the eighth largest in the world. On 1 July 2012, the company name changed to Resolute Forest Products.[6][7] Resolute Forest Products is a member of the Forest Products Association of Canada and the American Forest & Paper Association.[8][9]

History

On 29 January 2007, Bowater Inc and Abitibi-Consolidated announced they would be merging to create AbitibiBowater.[5] The merger created the third largest pulp and paper company in North America, and the eighth largest in the world. On 16 April 2009 the company filed for creditor protection in the United States and similar protection under the Companies' Creditors Arrangement Act in Canada, eventually reporting debt of about US$6 billion.[10] The company won court approval for $206 million to finance restructuring.[11] AbitibiBowater emerged from creditor protection on 9 December 2010.[12] AbitibiBowater changed its operating name to Resolute Forest Products in late 2011.[6][7]

Operations

Resolute Forest Products is headquartered in Montreal, Quebec with operations in 40 manufacturing facilities across Canada and the United States.[13] [14]

Sustainability

Resolute Forest Products became a member of the World Wildlife Fund’s Climate Saver’s Program on November 10, 2011 with a commitment to “reduce their absolute greenhouse gas (GHG) emissions by 65 per cent by 2015 below 2000 levels” .[15] In 2017, Resolute reported that it had exceeded its goal with a 76 percent reduction in GHG emissions (scope 1 and 2).[16]

Issues

Employees

The Communications, Energy and Paperworkers Union of Canada has been critical of the company's attempts to renegotiate pension contributions with their pension underfunded by approximately $1.9 billion.[17] On 3 May 2013, however, it was reported that an agreement was put in place which may address the ongoing pension dispute with Resolute agreeing to increase its pension payments and “stabilize the pension plan over the next decade.”[18]

Environmental accreditations

On August 29, 2013 a case study examining the use of Forest Stewardship Council (FSC) Controlled Wood system by Resolute was released.[19] The report concludes that Resolute's improper application of Forest Stewardship Council standards threatens the integrity of the FSC system and brand. On January 1, 2014, after a successful appeal by the Grand Council of the Crees, three FSC certificates covering more than 8 million hectares of forest were suspended. FSC found violations of its principles relating to indigenous Peoples’ rights, environmental impacts, forest benefits, monitoring and assessment, and High Conservation Value forests.[20]

Greenpeace

Resolute Forest Products has been criticized by Greenpeace and other organizations for advancing logging and road building in endangered species habitat in Québec and Ontario.[21]

On 18 May 2010, Resolute Forest Products joined 29 other organizations including Greenpeace Canada and the David Suzuki Foundation[22] to become a founding member of the Canadian Boreal Forest Agreement (CBFA).[23] The agreement formalizes the members’ commitments to conserving vast areas of forests and enabling the legislated protection of large-scale areas that are needed to preserve threatened species such as woodland caribou. Claiming a lack of progress on delivering results within the CBFA, particularly on the creation of protected areas and caribou conservation plans, Greenpeace Canada and Canopy, two founding signatories, departed the agreement in December 2012 and April 2013 respectively.[24] Other environmental organizations suspended work with Resolute on May 21, 2013 announcing that "Resolute will not do the minimum that the science says is required to protect our forests and the threatened caribou that call them home."[25]

Greenpeace Canada released a report examining Resolute's sustainability claims in May 2013, alleging that the company is deceiving customers about the sustainability of their forestry operations and their interactions with communities, First Nations and workers.[26] Greenpeace withdrew an earlier criticism of Resolute Forest Products on 19 March 2013 noting that a December 2012 campaign against the company “incorrectly stated that Resolute had breached the Canadian Boreal Forest Agreement”.[27]

On May 23, 2013, Resolute filed a $7,000,000 defamation lawsuit against Greenpeace Canada and two of its staff in Ontario Superior Court alleging the organization interfered with economic relations with their customers.[28] In response Greenpeace launched a legal defense fund and characterized the lawsuit as a Strategic Lawsuit Against Public Participation (SLAPP). In September 2016, the Ontario Superior Court dismissed Resolute's defamation action on the grounds it was designed to "greatly expand the scope of the litigation and transform the trial into an inquiry into Greenpeace." The logging company responded saying the "court decision does not in any way diminish the claims against Greenpeace of defamation and intentional interference with commercial relations."[29]

In May 2016, Resolute filed a $300 million-dollar lawsuit in Atlanta, Georgia using the United States' RICO Act (which is primarily for fighting organized crime and racketeering) against Greenpeace. The complaint alleges that the environmental group is a "global fraud" that is tricking people in both the USA and around the world into donating "millions of dollars based on materially false and misleading claims about its purported environmental purpose and its “campaigns” against targeted companies."[30] In January 2017, Greenpeace asked a court in Georgia for the case to be dismissed on the grounds that RICO "is simply an intimidation tactic that would set a dangerous precedent if successful" because Resolute "is trying to silence critics of its logging practices in Canada's boreal forests."[31] In June 2017 several major book publishers including Penguin Random House and HarperCollins have had to respond to Resolute's RICO action after a petition, which was signed by more than 100 authors in support of Greenpeace, was presented at BookExpo 2017, the USA's publishing trade show. The petition's signatories are concerned that RICO - in this particular action - is a legal attempt to stymie free speech.[32]

References

  1. ^ "Resolute Forest Products appoints new president and CEO". Wood Business. 2018-02-01. Retrieved 2018-12-11.
  2. ^ "Resolute Forest Products (RFP) Announces Remi Lalonde as CFO". Street Insider. 2018-11-16. Retrieved 2018-12-11.
  3. ^ a b c d e "2017 Financial Summary" (PDF).
  4. ^ "2017 Annual and Sustainability Report" (PDF). Resolute Forest Products. 2018. Retrieved 2018-12-11.
  5. ^ a b "Abitibi, Bowater merging to create forestry giant". CBC News. 2007-01-30. Archived from the original on July 11, 2007. Retrieved 2007-02-26. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  6. ^ a b "AbitibiBowater Changing Name To Resolute Forest Products". The Globe and Mail. Toronto. 2011-10-11. Retrieved 2011-10-14.
  7. ^ a b Forsyth, Paul (28 December 2011). "New name for AbitibiBowater". NiagaraThisWeek.com. Retrieved 31 December 2011.
  8. ^ "Our Members". Forest Products Association of Canada. Retrieved 2018-12-13. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  9. ^ "Membership Directory". American Forest & Paper Association. Retrieved 2018-12-13. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  10. ^ "AbitibiBowater gets bankruptcy protection in Canada". CBC News. 2009-04-18. Retrieved 2011-09-26.
  11. ^ "AbitibiBowater gets court OK for $206 mln DIP". Reuters. 2009-04-17. Retrieved 2009-04-20.
  12. ^ "AbitibiBowater emerges from bankruptcy". Reuters. 2010-12-09. Retrieved 2011-09-13.
  13. ^ "Company Overview of Resolute Forest Products Inc". Bloomberg. Retrieved 2018-12-19. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  14. ^ "Premier Doug Ford Announces Economic Growth in the Thunder Bay Forestry Sector". Government of Ontario. 2018-10-25. Retrieved 2018-12-19. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  15. ^ "Resolute Forest Products Joins WWF Climate Savers Program". WWF. 2011-11-10. Retrieved 2013-07-05.
  16. ^ "Resolute Forest Products wins corporate responsibility award". Pulp & Paper Canada. 2018-11-21. Retrieved 2018-12-19. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  17. ^ "Resolute workers have done 'enough,' union says". CBC News.
  18. ^ "Kenora mill workers union says conflict over pensions may be settled for good". Kenora Daily Miner and News. 2013-05-03. Retrieved 2013-07-05.
  19. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2013-11-15. Retrieved 2013-08-29. {{cite web}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  20. ^ "Resolute Forest Products' FSC Forest Management Certificates to be suspended". FSC Newsroom. 2013-12-18. Retrieved 2014-02-28.
  21. ^ 23 January, 2017 (2017-01-23). "Resolute responds to Greenpeace campaigns by labelling us a "criminal enterprise". Other corporations respond by… - Greenpeace Canada". Greenpeace.org. Retrieved 2018-08-11.{{cite web}}: CS1 maint: numeric names: authors list (link)
  22. ^ "Canadian Boreal Forest Agreement: Who's involved". Archived from the original on 2012-02-11. Retrieved 2011-10-11. {{cite web}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)
  23. ^ "Canadian Boreal Forest Agreement: The Agreement". Archived from the original on 2011-10-31. Retrieved 2011-10-11. {{cite web}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)
  24. ^ "Another environmental group pulls out of Canadian logging pact". The Globe and Mail. Toronto. 2013-04-17.
  25. ^ "Environmental groups suspend further work with Resolute Forest Products under Canadian Boreal Forest Agreement". The Wall Street Journal. 2013-05-21.
  26. ^ "Archived copy". Archived from the original on 2013-10-16. Retrieved 2013-05-21. {{cite web}}: Unknown parameter |dead-url= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
  27. ^ "Notice of correction regarding Resolute Forest Products' operations" (PDF). Greenpeace. 2013-03-19. Retrieved 2013-07-05.
  28. ^ "Quebec forestry company suing Greenpeace for $7 million". The Star. Toronto.
  29. ^ "Court dismisses 'vexatious' allegations by Resolute Forest Products against Greenpeace". Financial Post. September 2, 2016.
  30. ^ "RESOLUTE FOREST PRODUCTS, INC. vs. GREENPEACE INTERNATIONAL" (PDF). www.washingtonpost.com. Retrieved June 21, 2017.
  31. ^ "Resolute, Canadian Forest Giant, Uses Trump-Linked Law Firm To Sue Greenpeace". Huffington Post. January 24, 2017.
  32. ^ "Major publishers move to defend Greenpeace in dispute with logging firm". The Guardian. 21 June 2017.
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