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Irving Tissue invests $120M in N.Y. plant

FORT EDWARD, N.Y. - Irving Tissue today has announced an additional $120-million investment in its tissue operations in Fort Edward, New York.

The investment will allow for the modernization of tissue-making equipment and will be operational by 2010.

Last November, the company announced a $35-million investment in a new 90,000 square-foot building and new converting equipment.

The installation and commissioning of this new equipment is on target for this October 2008.

"This investment in world-class technology replaces aging equipment and secures the future of this plant," said president Robert Irving.

"We are focused on growing our markets in North America through quality products and outstanding service to our customers from our plants in Dieppe and Saint John, New Brunswick as well as Toronto, Ontario and Fort Edward.

"(Wednesday)'s investment strengthens the integrated forest value chain from the sustainably managed forests through to our pulp, paper and converting operations that support the production of high quality consumer tissue products."

CIBC reports $71-M profit in 3rd quarter

TORONTO - Shares in CIBC jumped more than 6.5 per cent Wednesday afternoon after the bank posted a $71 million profit in the third quarter, despite some writedowns in its credit business.

The company's stock moved ahead $3.74 to $60.80 on the Toronto Stock Exchange, near its high of the day but still well off a 52-week peak of $103.64.

The spark in its stock left some analysts questioning whether this isn't just a temporary spurt of optimism.

The bank's earnings amounted to 11 cents per share in the quarter ended July 31, down from $835 million or $2.31 per share a year ago.

Refinery replaces key piece of equipment

CALGARY - Petro-Canada announced Wednesday it has restarted a key piece of equipment that had been shut down in early August, resulting in fuel shortages at gas stations across British Columbia and Alberta.

The company says the startup of the catalytic cracker at an Edmonton refinery is part of a complex process that involves many stages, but it is "proceeding in a measured way to increase production."

"Simply put, it's not like rebooting your computer," said Petro-Canada spokesman Jon Hamilton.

"A successful startup requires a strong focus on safety and a lot of patience. There are no shortcuts."

The unit was shut down unexpectedly earlier this month. Without it, Petro-Canada can't refine petroleum products into gasoline.

Sources: Gleaner, The Canadian Press