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.
Ex-board member denies insider trading
NEW YORK – A former board member of Goldman Sachs and Procter & Gamble pleaded not guilty Wednesday to federal charges accusing him of acting as “the illegal eyes and ears in the boardroom” for a friend, a billionaire hedge fund founder sentenced this month to 11 years in prison in the biggest insider trading case in history.
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.
Home sales up after builders cut prices
WASHINGTON – Sales of new homes rose in September after four straight monthly declines, largely because builders cut their prices in the face of depressed demand.
The Commerce Department said Wednesday that sales increased 5.7 percent last month to a seasonally adjusted annual rate of 313,000 homes.
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.