Examples of Pulp Business in a sentence
On January 1, 2000, the Pulp Business (Canfor) adopted the new recommendations of the Canadian Institute of Chartered Accountants relating to the accounting for pensions and other post-employment benefits using the prospective application method.
The Partnership consists of two NBSK pulp mills and one NBSK pulp and paper mill located in Prince George, British Columbia and a marketing group based in Vancouver, British Columbia (the Pulp Business).
Excluding the investment in the Partnership, the carrying values of the assets and liabilities of CPPI at March 2, 2012 were as follows:As at March 2,(millions of Canadian dollars)2012Assets acquired: Cash and cash equivalents$ 6.8Liabilities assumed: Due to Canfor Pulp Limited Partnership$ 0.1Income taxes payable$ 0.2Deferred income tax liability$ 31.4As a result of the exchange there was no change in control for the Pulp Business.
The Pulp Business is continuing to operate under CPPI, the legal parent.
As a result of the Exchange described in Note 1, CPPI increased its interest in both the Partnership and the General Partner from 49.8% to 100% and Canfor acquired a 50.2% interest in CPPI.The transaction was accounted for as a reverse acquisition under IFRS, with Canfor’s interest in the Pulp Business being the acquirer for accounting purposes and CPPI the acquiree for accounting purposes.
The financial statements have been presented, along with the comparative periods, from the accounting perspective that Canfor’s interest in the Pulp Business is the continuing entity after the exchange transaction as it has gained control of the Company through a reverse transaction.
Prior to March 2, 2012 49.8% of the Pulp Business was held by CPPI and reflected as non-controlling interest.
The business consists of two NBSK pulp mills and one NBSK pulp and paper mill located in Prince George, BC and a marketing group based in Vancouver, BC (the Pulp Business).
For all periods ending prior to March 2, 2012, the financial statements present the financial position, results of operations, and cash flows of the Pulp Business from the perspective of Canfor’s controlling interest in the Pulp Business as if operated as a stand-alone partnership entity subject to Canfor control.
The Partnership was formed to hold the NBSK pulp and paper business (the "Pulp Business") which it acquired from Canfor in connection with the Spinout described below (see "General Development of the Business – History").