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Shorewood Packaging Corporation Of Virginia history
Shorewood Packaging Corporation Of Virginia company history timeline
These were the driving values of the entrepreneurs who founded Chesapeake Corporation in October 1918, and have been part of our foundation for 80 years.
Elis Olsson, a Swedish-born papermaker, was already a recognized pioneer in the industry when he moved his family from Quebec to Virginia in 1918.
Chesapeake was profitable by 1921, but president Hannevig’s shipping empire went under and he resigned from the company.
In 1922 bonds were issued to cover the purchase price, as well as the cost of needed plant improvements.
By 1926 Chesapeake was producing kraft paper, market pulp, crude turpentine, and box board on an average of 85 tons a day.
In 1929 Olsson was named president; he remained a leader in the company for the next 30 years, 14 of them as chairman of the board.
In 1932 Chesapeake became the second company in Virginia to hire a professional forester and begin a program of reforestation.
Nonetheless, Chesapeake’s earnings reached the million-dollar mark for the first time in 1934.
Chesapeake worked with Camp Manufacturing Company to erect and operate a pulp and paper mill in Franklin, Virginia, in 1936.
In 1941 the company name was changed to The Chesapeake Corporation of Virginia.
In 1945 Olsson became company chairman. Its stock was offered on the New York Stock Exchange for the first time in 1944.
In 1945 Olsson became company chairman.
Paul Bernard Shore and his brother Sam started Shorewood Press in New York City in 1948.
His son, Sture Olsson, assumed the position of president of the company in 1951.
He first worked as a summer maintenance helper while still in school, then joined the company full-time in 1963 as a project accountant.
In 1967 Scranton Corrugated Box Company, Inc. was acquired.
After the appearance of the Beatles' Abbey Road in 1968, the one-piece album jacket became the standard for the music industry.
In 1968 Sture Olsson resigned as president to serve as chairman of the board.
The company’s next major acquisition came in 1977 when it purchased a packaging company that eventually became the Louisville and St Anthony divisions of Chesapeake Packaging Company.
In 1980, however, Shore responded to slowing sales growth by entering other consumer products packaging.
In 1981 Chesapeake opened its first wood treating plant in Pocomoke City, and a new wastewood-fueled boiler went online at West Point.
Chesapeake was one of the few pulp and paper companies in the United States to make expansion plans in 1983.
Decentralization began in earnest in 1983, when the company was divided into three investment centers.
Shorewood acquired the CBS stake in its Canadian and British subsidiaries in 1985.
In 1986 Chesapeake completed the conversion of its paper machine at West Point and began production of a new product—corrugating medium.
The long-term debt was $14.8 million at the end of fiscal 1987.
In 1988 the company acquired another plant, in Andalusia, Alabama, with the purchase of Southeastern Box Corp.
Among "companies whose products have to be slick--with clean colors and interesting graphics--Shorewood has the edge," said an executive for the firm's largest shareholder in 1989, according to the Wall Street Journal.
Shorewood's sales came to a record $139.3 million and its net earnings amounted to a record $16.2 million in fiscal 1990.
Shorewood Packaging's fiscal 1990 net income was not surpassed, however, until five years later.
The appointment of Shore's son Marc as president of the firm in 1991 was credited with the transition to a more aggressive growth strategy.
In 1991 Chesapeake combined with Toronto-based StakeTech to form a $2.5 million venture called Recoupe Recycling Technologies to market a “steam explosion” system of paper recycling.
Although it remained the largest company for the music industry's album jacket and paper display needs in 1992, stock analysts saw a less promising future because of industry plans to replace the disposable long box for compact disks with a much smaller package.
Through a detailed reassessment of corporate strategy undertaken in 1992, Chesapeake determined that specialty packaging would be the fastest area of company growth.
In 1994 Shorewood Packaging shut down manufacturing operations at its original Farmingdale plant and the following year moved its headquarters from this Long Island community to midtown Manhattan.
Another 1994 acquisition, Hemingway Packaging, put the parent company in a strong position in the production of cosmetic boxes.
Paul Shore died in December 1995 and was succeeded as chairman and chief executive officer of Shorewood Packaging by his son Marc.
In addition, Shorewood began providing cigarette hard-pack boxes and cartons directly to China in 1995.
In 1995 the company opened a plant in Springfield, Oregon to produce these packages, with the objective of enhancing its service capabilities in both the software and home entertainment industries.
By 1998, through effective cross-selling, this facility also had generated increased production and sales of packaging for CD-ROM computer software and games at several of the company's East Coast facilities.
Also in 1998, but late in the year, Shorewood purchased Queens Group, Inc. for about $129 million in cash and stock.
Shorewood Packaging was, in fiscal 1998, supplying printed packaging products for many of the leading tobacco brands, including those ultimately sold in non-United States markets.
Marc Shore owned nearly 19 percent of Shorewood Packaging's common stock in mid-1998, either outright or through estate or family-instrument partnerships.
Chesapeake World, special 80th anniversary edition, Richmond, Va.: Chesapeake Corp., 1998.
In April 1999 Chesapeake announced that it had signed letters of intent to sell its building products business to a subsidiary of St Laurent Paperboard Inc. and 278,000 acres of timberland to Hancock Timber Resource Group, a subsidiary of John Hancock Mutual Life Insurance Company.
"Chesapeake Corporation ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/chesapeake-corporation-0
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