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January 18, 2008 |
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NIPPON PAPER: Boss to Step Down Over False Paper Blending Rate The president of Nippon Paper Group Inc, Masatomo Nakamura, said on Wednesday that he will resign from his post at a yet- undetermined date to take the blame for the company's selling of recycled paper products containing smaller-than-claimed amounts of used paper, Japan Today reports. "I'm prepared to resign although I can't say when," the report quotes Mr. Nakamura as saying. Japan Today relates that an in-house investigation by the company uncovered the practice, which involved holiday greeting cards as well as other products, including copy, printing and notebook papers. Nippon Paper Group, Inc. -- http://www.np-g.com/ -- is a Japan- based holding company mainly engaged in the paper manufacturing business. The Company is active in four business segments. Its Paper and Pulp segment manufactures and sells foreign paper, paperboards and paper pulp, as well as paper for household, newspaper and phone directory use. This segment is also involved in the import sale and overseas sale of paper products. The Paper-related segment offers processed paper products, such as paper containers and adhesive-related products, in addition to cardboards, chemical products and others. Its Wooden Material, Construction Material and Civil Engineering-related segment is engaged in the purchase and sale of wooden materials, the purchase, manufacture and sale of construction materials and the civil engineering-related business. The Others segment is involved in the distribution business, the manufacture and sale of soft drinks, the supply of electrical power and the leisure business, among others. The Troubled Company Reporter Asia-Pacific reported on September 20, 2007, that Standard & Poor's Rating Agency affirmed its BB+ long-term corporate credit rating with a stable outlook on Nippon Paper Group Inc. reflecting the company's prospects for improved profitability and cash flow generation and a limited increase in the company's financial burdens despite the continuing high level of capital expenditures. |
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