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Apr 17, 2008 - Potlatch Corporation (NYSE:PCH) announced today that its Board of Directors has authorized management to evaluate a potential tax-free spin-off of the Company's pulp-based businesses. A spin-off, if pursued, would create two stand-alone, publicly traded entities: a timber REIT, which is a verified forest practices leader with 1.65 million acres of forestland in Arkansas, Idaho, Minnesota and Wisconsin; and a pulp-based manufacturing company that would include Potlatch's Consumer Products facilities in Lewiston, Idaho, Las Vegas, Nevada, and Elwood, Illinois, and its Pulp & Paperboard facilities in Lewiston, Idaho, and Cypress Bend, Arkansas. The businesses to be evaluated for spin-off had revenues of approximately $1.2 billion in 2007.
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Apr 17, 2008 - Nucor Corporation (NYSE: NUE) announced today record first quarter net earnings for the fifth consecutive year. Consolidated net earnings for the first quarter of 2008 were $409.8 million, an increase of 8% compared to the first quarter of 2007 net earnings of $381.0 million and an increase of 12% from the fourth quarter of 2007 net earnings of $364.8 million. Diluted earnings per share increased 12% to $1.41 from $1.26 in the first quarter of 2007 and in the fourth quarter of 2007. The increase in earnings per share from the first quarter of 2007 is partially due to the reduced number of shares outstanding as a result of stock repurchases made in 2007. Nucor's consolidated net sales increased 32% to a record $4.97 billion compared with $3.77 billion in the first quarter of 2007 due to a 15% increase in average steel sales price per ton, an 11% increase in average steel products sales price per ton, and a significant increase in steel products shipments attributable to acquisitions made in 2007. The increase in sales is also due to the February 29, 2008 acquisition of the stock of SHV North America Corporation, which owns 100% of The David J. Joseph Company ("DJJ") and its affiliates, for a cash purchase price of approximately $1.4 billion. DJJ, which now operates as a wholly owned subsidiary of Nucor Corporation, has been the broker of ferrous scrap to Nucor since 1969.
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April 17, 2008-- Boston Scientific Corporation (NYSE: BSX) today announced that it has received approval for the sale of its TAXUS(R) Liberte(R) paclitaxel-eluting coronary stent system in Canada. The Company reported that Health Canada's Therapeutic Products Directorate (TPD), the authority that regulates pharmaceutical drugs and medical devices, has approved its use. The Company said it plans to launch the product immediately in Canada. "The TAXUS Liberte Stent is a major advance in stent development and raises the bar for drug-eluting stent systems," said Serge Doucet, M.D., Cathlab Director at the Montreal Heart Institute. "It offers enhanced ability to conform to the vessel wall and deliver across some of the most challenging lesions. This innovation is welcome news for interventional cardiologists and patients in Canada who suffer from coronary artery disease."
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Apr 17, 2008 -- TransCanada Corporation (NYSE: TRP) (TransCanada) today announced Bruce Power has completed its comprehensive review of costs to complete the Bruce A Units 1 and 2 Restart Project. The review, which was completed by Bruce Power, its owners and independent experts with significant experience in energy infrastructure mega-projects, included a thorough assessment of costs incurred to date together with a complete review of the remaining work. Based on the assessment the capital cost for the restart and refurbishment of Bruce A Units 1 and 2 is expected to be in the range of $3.1 to $3.4 billion, up from an original 2005 cost estimate of $2.75 billion. TransCanada's share is $1.55 to $1.7 billion compared to an original estimate of $1.375 billion. The project cost increases are subject to the capital cost risk and reward sharing mechanism under the agreement with the OPA.
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