Buckeye Technologies (BKI) Slammed After Florida Plant Shut Down Due to Drum Failure
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Shares of Buckeye Technologies Inc. (NYSE: BKI) are sharply lower Monday after the company announced that on Sunday its Florida wood cellulose fibers facility near Perry, Florida, experienced a significant failure of a steam drum on the number 2 paper machine causing damage to multiple drums and structural damage to the paper machine building and structure.
The company said there were no injuries to any personnel working in the area.
Following the incident, which occurred about 5:20 p.m. EDT, the plant was shut down in an orderly manner.
A team at the plant, including contractor resources and structural engineers, immediately began an investigation to determine the root cause of the drum failure. While it is too early to know the extent or timing to return the plant to normal operations, Buckeye management will have more details on the incident later in the week and will provide updates on plans for resuming production.
Shares of Buckeye Technologies last traded at $26.44, down 9 percent.
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The company said there were no injuries to any personnel working in the area.
Following the incident, which occurred about 5:20 p.m. EDT, the plant was shut down in an orderly manner.
A team at the plant, including contractor resources and structural engineers, immediately began an investigation to determine the root cause of the drum failure. While it is too early to know the extent or timing to return the plant to normal operations, Buckeye management will have more details on the incident later in the week and will provide updates on plans for resuming production.
Shares of Buckeye Technologies last traded at $26.44, down 9 percent.
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