NEW YORK (AP) — Buckeye Technologies slid 8 percent in Monday trading as the fiber and woven goods maker announced that it is shuttering its Florida plant temporarily to deal with a mechanical failure.
THE SPARK: Buckeye Technologies said that a steam drum failed at its wood cellulose fibers plant near Perry, Fla. The failure caused significant damage to multiple drums and structural damage to the building. There were no injuries.
Buckeye Technologies said it shut down the plant after the incident and that an investigative team is trying to determine the cause.
The Memphis, Tenn., company said it will have more details on the incident later in the week and will give updates on its production resumption plans. Buckeye Technologies said it is still too early to know when the facility will return to normal operations.
SHARE ACTION: Shares of Buckeye Technologies Inc. fell $2.41 to $26.69 in morning trading. The shares have traded in a range of $22.87 to $38.50 over the last year.
