Overcapacity indicates low ROCE, survey says. (Forest And Paper Companies).(Brief Article)
Official Board Markets, July, 2003
Industry overcapacity and low returns mean a near-term outlook that isn't bright for global forest and paper companies, according to a PricewaterhouseCoopers survey. The consulting firm surveyed the financial results of 100 large companies and concluded that return on capital employed, profitability and product prices are at unsatisfactory levels.
Dow Jones Business News reports the 100 companies surveyed delivered a 4.1 percent return on capital employed (ROCE) in 2002, down from 4.6 percent in 2001, and below the 10-12 percent target considered necessary by analysts. The only North American companies earning a ROCE of more than 10 percent are Kimberly-Clark Corp., Irving, Texas, and International Forest Products Ltd., Vancouver. Domestic companies...
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