commodity paper

We had to get into tissues and disposable tableware and the like because commodity paper is a tough, no-growth business.

Japan imports lumber, pulp, packaging materials, newsprint and other commodity paper products, primarily from North America.

Still, it derived more than 90 percent of its $17.8 billion in revenue last year from lumber, paperboard and other highly cyclical commodity papers.

"I figured G.P. would acquire other commodity paper companies, or maybe be bought itself," said Mark Wilde, an analyst with Deutsche Banc Alex. Brown.

Thus, most analysts saw the company as more similar to commodity paper companies like International Paper and Weyerhaueser than to tissue producers like Procter & Gamble and Kimberly-Clark.

"The industry's competitive position is increasingly favorable because our major foreign competitors in Japan, Scandinavia and Canada are unable to expand their capacity bases in commodity paper products that are raw-material intensive."

Sappi Forest Products, based in Southern Africa, produces commodity paper products, pulp, chemical cellulose and forest and timber products for Southern Africa and export markets.