Buckeye to close Brazil linter plant

BUCKEYE TECHNOLOGIES said Thursday it will close a cotton linter pulp production line in Americana, Brazil. The company said it will meet customers’ needs from its Memphis facility.

Buckeye makes and markets specialty fibers and nonwoven materials.

“This closure has become necessary due to the facility’s uncompetitive cost position for the products it makes,” said Buckeye chairman and CEO John Crowe.

The biggest factor was the high cost of the cotton linter raw material supply, he said. About 60 employees are losing their jobs at the plant Buckeye opened 12 years ago.

Buckeye expects to incur about $2.4 million in restructuring expenses in calendar 2012 and a noncash asset impairment charge of about $49 million in the October-december 2011 quarter. The plant closing should generate about a $20 million cash benefit, primarily due to tax benefits related to the investment loss, Crowe said.

The company has facilities in the United States, Germany, Canada and Brazil, selling products to manufacturers of consumer and industrial goods.

Mitch Jackson gets nod

Fedex Corp.’s sustainability chief has been named one of America’s Top 100 Thought Leaders in Trustworthy Business Behavior for the second year running. Mitch Jackson, Fedex vice president, environmental affairs and sustainability, “develops the sustainability strategy and vision to ensure that Fedex minimizes its environmental footprint while still delivering outstanding customer service,” said Trust Across America, which compiles the list.

The organization’s executive director, Barbara Kimmel, said, “The honorees are inspiring organizations to look more closely at their higher purpose ... to create greater value for, and trust from, all of their stakeholders.”

Wal-mart honors Averitt

Averitt Express has been named Wal-mart Stores Inc.’s 2011 Regional LTL Regional Carrier of the Year. The Cookeville, Tenn.-based trucking and supply management company employs 216 at a 23-acre Memphis service center at 4250 Air Trans Road. It’s a key gateway to the Southeast and Southwest and funnels incoming cargo from Asia into Averitt’s LTL network.

EDR declares dividend

Memphis-based EDR, a leading developer of college housing, said Thursday its board has approved a quarterly cash dividend of 7 cents per share of common stock for the quarter ended Dec. 31 payable Feb. 15 to shareholders of record as of Jan. 31.

Done deals

Pearl Vision renewed its lease for 2,400 square feet at 1016 W. Poplar in Collierville Marketplace.

Lenny’s Sub Shop renewed its lease for 2,000 square feet at 1016 W. Poplar, in Collierville Marketplace.

State Farm agent Tia Walker has leased 1,700 square feet in the Oak Grove Center, 397 Byhalia Road in Collierville.

And Sam’s Donuts renewed its lease for 1,225 square feet at 392 New Byhalia in the Oak Grove Center in Collierville.

John Reed of The Shopping Center Group negotiated all the leases.