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BC Forest Products - Earnings and Cash Flow
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British Columbia Forest Products Limited (BCFP) was a forestry company that operated from 1946 to 1986 in British Columbia. BCFP expanded to include timber production, pulp and paper, veneer, plywood and transportation operations. For many years, it was considered to be the second largest forest company operating in British Columbia.
In January 1969, Noranda and Mead made a joint offer to acquire control of British Columbia Forest Products (BCFP). Mead already held an interest in this company and together the two companies had previously begun accumulating shares in the market. Noranda made a public offer to acquire 400,000 share (10.8%) of British Columbia Forest Products. The price was to one-half a share of Noranda plus $22.50 in cash. On the day prior to the announcement, the closing share prices of Noranda and BCFP were $35 and $31.25 respectively. This meant the offer was equivalent to $40 per BCFP share, a 28% premium.
At the time of the offer, Noranda and Mead each owned directly 427,700 share (11.5%). In addition, through Brunswick Pulp and Paper Company, a U.S. company, Mead also had a 50% interest in 1,000,000 shares. Noranda further announced that, upon completion of the offer, its holdings and those of Mead would be equalized. Following the offer, a voting trust agreement representing the combined holdings of the companies was made in favour of Northwood Pulp.
At the time of purchase, BCFP was contemplating a major expansion project at Mackenzie. This was later approved and production of a new pulp mill began early in 1973.
BCFP was purchased in 1987 by Fletcher Challenge Limited of New Zealand and merged with BC company Crown Forest Industries. Fletcher Challenge Canada Limited was thereby established with a sharpened focus on pulp and paper. In 2000, Norwegian paper company Norske Skog purchased all of Fletcher Challenge’s pulp and paper assets and the company name changed to Norske Skog Canada Limited. The size of the company doubled in 2001 with the acquisition of Pacifica Papers and the merged operation assumed the name NorskeCanada. In 2005 the business was renamed Catalyst Paper.
Royal Commission on Corporate Concentration, Noranda Mines Limited: A Corporate Background Report. 1976. p. 19-20, 90-92.
Name of creator
Adam Hartley Zimmerman, O.C., B.A., F.C.A. (1927 - 2016 ) was born in Toronto. From 1930 to 1941 he lived with his family in Youngstown and Niagara Falls, New York while his father worked with the Moore Corporation as a mining engineer. Adam moved back to Ontario to complete junior high school and attended Upper Canada College from 1938-40, Ridley College from 1940-44, the Royal Canadian Naval College 1944-46, and Trinity College, University of Toronto, 1946-50. He received a Bachelor of Arts degree in General Arts with a major in Philosophy in 1950. He also served six years in the Royal Canadian Naval Reserve rising to the ranks of lieutenant.
After graduation and a brief term with Proctor Gamble, Zimmerman decided to join Clarkson Gordon (now Ernst & Young), as a student-in-accounts from 1950-54; received his CA and worked as a Chartered Accountant (1956) and Audit Supervisor, 1956-58. Mr. Zimerman then joined Noranda Inc. first serving as an Assistant Comptroller at Noranda Mines (1958-61), and then Comptroller (1961-1966). He subsequently became Vice President and Comptroller (1966-1974), Executive Vice President (1974-1982), President and CEO (1982-87), Vice Chairman of Noranda Inc. (1987-1992), as well as CEO, Noranda Forest Inc. (1987-1991), Chairman (1987-1993), and Director (1987-1994), as well as Chairman (1983-1990) and Vice Chairman (1990-1993) of MacMillan Bloedel after it was acquired by Noranda Forests Inc. Zimmerman also served as an independent director of Algoma Steel and as a foreign director at Royal Dutch Paper Mills (when MB was a dominant shareholder). Zimmerman retired from Noranda Inc. in 1994.
Mr. Zimmerman has served on over 40 private and public sector boards throughout his career including directorships on the following Northwood Pulp and Timber Ltd.; Confederation Life Insurance Co.; The Toronto Dominion Bank; Battery Technologies Inc.; Economic Investment Trust; Maple Leaf Foods Inc.; The Pittston Co.; Southam Inc; and Hydro One (2002- ). He has had had many professional affiliations during his career including with: C.D. Howe Institute (Former Chairman & Dir.); Institute of Chartered Accountants of Ontario (Fellow); Canadian Pulp & Paper Association (former Chairman); Canadian Forest Industries Council (former Chairman); University of Toronto, Faculty of Forestry (Advisory Board.); The Hospital for Sick Children (Honorary Trustee); The Hospital for Sick Children Foundation (Director); Roy Thomson Hall (Director); World Wildlife Fund Canada (Executive Committee); Zeta Psi; York Club; Toronto Golf Club; Craigleith Ski Club; Madawaska Club.
Publications: Who’s in Charge Here, Anyway?: reflections from a life in business, (Don Mills, Ontario: Stoddart; Distributed in Canada by General Distribution Services), 1997.
HONOURS: Distinguished Business Alumni Award, Univ. of Toronto, 1992; LL.D. (Hon), Royal Roads Military College; D.S.L., Trinity University, Toronto. Member of the University of Toronto, Faculty of Forestry; a Fellow of the Institute of Chartered Accountants of Ontario; Past Chairman, Canadian American Committee; and board positions with the Mining Association of Canada; Canadian Forest Industries Council; Canadian Pulp and Paper Association and with Zeta Psi.
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File contains "Revised Earnings and Cash Flow" reports for 1974 and 1980 for BC Forest Products.
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- Noranda Inc. (Subject)