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Clearwater to sell mill to Idaho Forest Group

Thu., Oct. 27, 2011

Clearwater Paper Corp. has agreed to sell its Lewiston sawmill for $30 million to Idaho Forest Group of Coeur d’Alene.

The deal includes a supply agreement requiring Idaho Forest Group to deliver wood chips and sawdust to Clearwater’s large Lewiston pulp mill. The sale is expected to be completed by the end of the year.

In a statement, Clearwater executives said lumber production at the mill would slow in the coming weeks. About 250 mill employees are affected. They will receive up to 60 days’ severance pay.

Idaho Forest Group said it will begin rehiring employees after the sale is complete. Clearwater is a spinoff of Potlatch Corp. It has 15 manufacturing plants in the United States and Canada and employs 4,000. Idaho Forest Group was created by the merger of Riley Creek Lumber and Bennett Forest Industries.

John Stucke

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The indictment accuses Rajat Gupta, 62, of cheating the markets with Raj Rajaratnam, the convicted hedge fund founder who was the probe’s prime target.

Associated Press

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The Commerce Department said Wednesday that sales increased 5.7 percent last month to a seasonally adjusted annual rate of 313,000 homes.

Associated Press

Orders increase for manufactured goods

WASHINGTON – Companies ordered more heavy machinery, computers and other long-lasting manufactured goods in September, a positive sign for the slumping economy.

An increase in demand for those types of durable goods suggests businesses are sticking with investment plans, despite slow growth and dismal consumer confidence. Overall demand for durable goods fell 0.8 percent, but that was largely because of a huge decline in volatile commercial aircraft orders. Excluding transportation, orders rose 1.7 percent.

Associated Press

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