Kimberly-Clark’s Everett mills on the block
Kimberly-Clark Corp. has put its Everett pulp and tissue mills up for sale, saying it’s difficult to make money in the pulp business. The company plans to continue to operate the mills, which employ 842 workers, until the sale, which it hopes will happen quickly. “We’re confident based on initial inquiries that we will be very successful,” said Dave Faddis, a former manager of the Everett site who now is a vice president for family care products for Kimberly-Clark.
Kimberly-Clark announced the sale as part of a corporate restructuring on a day when it also announced flat quarterly profits for its final quarter.
Big Boeing bonus: About 45,800 Boeing Co. workers in Washington state will receive an average bonus of $5,000 in February, the company said Wednesday. Boeing employees in the Puget Sound area will receive about 14 days’ worth of pay as an incentive bonus for the company’s 2010 performance. Boeing’s commercial airplanes division delivered 462 aircraft last year, which was down from 481 in 2009. The company previously had announced plans to scale back production in 2010 because of a drop in airline demand.
Cascade reports $8.6 million loss: Cascade Financial Corp., the parent company for Cascade Bank, reported a quarterly loss of $8.6 million Tuesday, but said it is gradually improving its balance sheet. “Improving asset quality remains a top priority for Cascade and we made steady progress on this goal in 2010,” CEO Carol Nelson said. “Nonperforming assets peaked in the third quarter of 2009 and have declined in every quarter since that time, including a 20.2 percent reduction in the fourth quarter of 2010.” The loss amounted to 70 cents for each diluted share, compared to a four-cent-a-share profit a year ago. The bank announced a loss of $6.6 million during the previous quarter.
Mike Benbow, Herald Writer
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