|
|
This is only a preview of the paper
Click here to register and get the full text.
Existing members click here to login
|
|
|
The past decade has been a punishing one for shareholders of pulp-and-paper companies, and the current low level of returns is expected to continue. Notwithstanding a series of acquisitions in early 2000, the industry remains fairly fragmented, and legal constraints generally limit concentration. Even in segments that are fairly concentrated, independents are numerous enough to make competition fierce. Meanwhile, international players apply pressure wherever regional price umbrellas appear. Thus the pulp-and-paper industry, despite a certain amount of consolidation, has created less long-term value than have other asset-intensive basic-materials industries As if the structure of the industry wasn't difficult enough, almost no pulp-and-paper companies have managed to develop significant intangible or privileged assets (such as proprietary technology or patents) or superior operational practices.
Approximate Word count = 485
Approximate Pages = 1.9
(250 words per page double spaced)
|
|
|
|
|
|