Auctioneer bids for expansion

Article Abstract:

Ritchie Brothers Auctioneers Inc., a Richmond, Brit Colum-based auctioneer of used industrial equipment, is eyeing a worldwide expansion by building seven new auction sites over four years. The plan comes after the company's recent initial public offering, in which Ritchie Bros. issued 2.9 million common shares for C$17 each. The C$45.8 million IPO proceeds will be used to purchase more auction sites and to upgrade the existing ones. The company is considering to build a permanent, heated, covered facility with 900 hockey-arena type seats. And with the large pieces of equipment it sells, Ritchie Bros. needs an estimated 40 acres of land at each site to store the equipment. Three of the new seven sites will be in Los Angeles, CA; Brisbane and Rotterdam.

Comment:

Is eyeing a worldwide expansion by building seven new auction sites over four years, including one in Los Angeles, CA

Farm & Garden Equip Dealers, Farm and Garden Machinery and Equipment Wholesalers, Agricultural equipment wholesalers, Ritchie Brothers Auctioneers Inc., Article

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More mergers seen as inevitable for troubled B.C. forest industry

Article Abstract:

The continued decline in stock performance of British Columbia's forest products market is indicative of the strong possibility of consolidation for the industry. Industry analysts project more mergers as inevitable, citing the 34% decline for the paper and forest products index at the Toronto Stock Exchange since Aug 1997. Other factors supporting continued consolidation are slow economic development in British Columbia and Asia and high operating costs in the province.

Acquisitions & mergers, Wood & Wood Products, Wood Product Manufacturing

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Abitibi shuts down Ontario paper machine, 240 jobs cut

Article Abstract:

Abitibi-Consolidated Ltd cited poor market conditions as the reason for the firm's decision to close a paper machine at its factory in Iroquois Falls, Ontario. The move prompted analysts to predict that the closure could be the first of more to follow. As a result of shutting down the paper machine, jobs at the world's biggest manufacturer of newsprint and groundpaperwork, will be reduced by 240, while capacity will decrease by 58,000 tonnes.

Labor force information, Ontario, Newsprint Mills, Newsprint, Abitibi-Consolidated Ltd.

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