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BIGELOW REPORTS INCREASED PRODUCTION FOR SECOND QUARTER
June 8, 2010
Bigelow Paper Company, Ltd., based in St. Marys, Aquitaine,
reports an increase in profit for the second quarter of 2010.
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Bigelow Paper Company, Ltd., based in St. Marys, Aquitaine,
reports an increase in profit for the second quarter of 2010.
ST. MARYS – Bigelow Paper Company, Ltd. has reported increased production for the second quarter of 2010, despite concerns of labour uprisings at plantations in Tyrisle. Output of paper-grade hemp in Tyrisle increased 7%, while domestic output increased 3%. Production of hemp seed oil, used in biomass fuel production, increased 3% abroad.
Bigelow's President and CEO, Carter O. Bigelow, IV, announced that despite growth of domestic output in the second quarter of 2010, most of Bigelow's production will be outsourced to Tyrisle within the next two years. Bigelow cites rising labour costs and government regulations on agriculture to be major factors in the decision to phase out domestic production. Already, Brettish-owned plantations in Tyrisle produce more than three-quarters of Bigelow's hemp. The fibers are processed in Tyrisle and shipped to Brettaine where the fibers and hulls are processed into paper.
Bigelow's stock price rose by 7 points upon news that the labour disputes had no ill effects on hemp output from the island nation. "Investment in Bigelow is a great way to diversify your portfolio into the paper industry. If things continue at this rate, Bigelow's stock could climb to as much as £29 a share by December, up from its current £22 a share at closing today," says Jim Andersen, stock broker with Welchovia Securities in St. Marys.
Paper-grade hemp has been the source of Brettish paper supplies since 1975, when the Alexander Reforestation Act was passed by Parliament, severely restricting the use of timber in paper products. At the time, nearly 69% of Brettaine's forests had been cut down. Hemp production was made legal by the act, and the government began subsidizing producers, including Bigelow. Most hemp is grown in the coastal provinces of Aquitaine, Fairfax, and Brunswick, although in recent years, union disputes have driven production overseas to Tyrisle.