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Boise sale becomes final The sale of Boise's paper operations, including the Jackson mill and sheeter plant, was completed Friday. Aldabra 2 Acquisition Corp, formed as a public company to purchase a portion of the larger privately held Boise Cascade, LLC operation, will operate as Boise, Inc. and its stock started trading Monday on the New York Stock Exchange under the symbol BZ. "Becoming a public company is an exciting new chapter for our company," said Alexander Toeldte, CEO of Boise, Inc. "The fundamentals and outlook for our business and the paper industry remain strong. As an independent company listed on the New York Stock Exchange, we believe we can sharpen our intense focus on customer satisfaction while offering our investors an opportunity to participate in the growth of our business. With a strong foundation in place, we look forward to additional progress in the coming months and years." The stock opened Monday at $8.50 a share and closed Tuesday at $8.21. The sale price was $1.625 billion. Madison Dearborn Parnters, LLC, a private investment company, had purchased Boise Cascade in 2004 from OfficeMax. Boise officials at the Jackson mill said last fall, when the sale was first announced, that they did not expect any drastic changes in operations. Boise Cascade will continue in the manufacturing and wholesaling of lumber, plywood and other building materials but will contract with Boise, Inc. for some services. Both companies will retain headquarter offices in Boise, Idaho. Profits up Just days before the sale of the paper side of the business was completed, Boise Cascade Holdings, LLC reported that its profits for 2007 increased by 78 percent over the previous year. Profits were $128 million in 2007 as compared to $72 million in 2006. Sales fell from $5.8 billion to $5.4 billion, a reflection of the decline in home construction nationwide. Paper sales remained strong, with sales up 6.8 percent. Profits before interest and taxes more than doubled to $132 million.
Much of the paper made by Boise is sold to OfficeMax under a long-term contract. OfficeMax previously owned Boise Cascade before selling to Madison Dearborn in 2004.
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