Forest Products

PrefaceChapter I. The Challenge of Change in the Forest Products Industry I. Introduction II. Current Products and Markets of the Forest Products Industry A. Lumber and Board Production and Markets B. Pulp Production and Markets C. Other Markets and Products for the FPI D. Product and Market Conclusions III. Current Economic and Financial Considerations of the Forest Products Industry A. Structural Considerations of the FPI B. The Financial Consequence of FPI Structure IV. Summary and ProspectusChapter II. Analysis of Forest Industry Investments: The Basic Cash Flow Model I. Introduction II. The Discounted Cash Flow Approach for Evaluating Investments A. Discounted Cash Flow Mathematics B. Uses of the DCF Model III. The Uses of the DCF Model in the New Technology Assessment A. The Treatment of Risk B. The Use of Risk Adjusted Discount Rates IV. ConclusionChapter III. The Discount Rate for Current Forest Industry Investments I. Introduction A. Calculating the Overall Discount Rate B. Calculating the Components of the Discount Rate C. Conclusions Concerning Discount Rate Calculation II. The Discount Rate of the Forest Products Industry III. Historical Trends in the Discount Rate of the Forest Products Industry A. The Historical Cost of Debt in the Forest Products Industry B. Historical Costs of Equity in the Forest Products Industry C. Historical Trends in the Cost of Capital for the Forest Products Industry IV. Technical Influences on the Discount Rate of the Forest Products Industry A. The Influence of Debt on the Discount Rate of the Forest Products Industry B. The Influence of Product Slate on the Discount Rate of the Forest Products Industry V. The Discount Rate of Related Industries VI. ConclusionChapter IV. Discount Rates for New Technologies in the Forest Products Industry I. Introduction A. The Basic Principle of Technology Risk Adjustment B. Approaching Technology Analysis through Risk Adjusted Discount Rate Curves II. A General Manufacturing Industry Risk Adjusted Discount Rate (Cost of Capital) Curve A. The Generalized Cost of Capital for Pilot and Pioneer Plants B. The General Mature Technology Discount Rate C. The General Risk Adjusted Discount Rate Curve III. Risk Adjusted Discount Rates for the Forest Products Industry A. The Divisional Cost of Capital Theory B. Adaptation of the Divisional Theory to Accommodate Technological Risk Assessment C. Refinement of the Divisional Theory Applied to Forest Industry Investments in Innovations D. Case Studies in FPI Innovation Used in Calculating an Industry RADR E. A Risk Adjusted Discount Rate Curve for the FPI IV. ConclusionsChapter V. Advanced Pulping Processes I. Introduction II. The State-of-the-Art in Wood Pulping A. The Principles of Kraft Pulping B. The Process of Kraft Pulping C. The Costs of Kraft Pulping D. Improving the State-of-the-Art in Wood Pulping III. Advanced Concepts for Wood Pulping A. Mechanical Pulping B. Chemical Pulping IV. Economic Analysis of Borate Based Autocausticizing and Organisolv Pulping A. Autocausticizing with Borates B. Pulping with Organic Solvents (Organisolv Pulping) V. ConclusionsChapter VI. Advanced Processes for Lumber Manufacturing I. Introduction II. The State-of-the-Art in Lumber Manufacturing A. Principles of the State-of-the-Art Sawmill B. State-of-the-Art Sawmilling Processes C. The Costs of Lumber Production D. Cost/Price Squeeze in Lumber Production III. Potential Innovation to Improve Lumber Production A. Innovations for Machine Center Operations B. Alternatives to the Conventional Sawmill C. Conclusions IV. Analysis of the Advanced Controls Sawmill A. Process Description B. Engineering Economy Analysis V. ConclusionChapter VII. Advanced Technologies for Producing Energy, Chemicals, and Related Products from Wood I. Introduction II. The State-of-the-Art in Energy, Chemicals, and Related Production A. The State-of-the-Art in Energy Generation B. The State-of-the-Art in Chemicals and Related Products Manufacture III. Concepts for Advanced Production of Energy, Chemicals, and Related Products A. Electricity Generating Technologies B. Liquid Fuels and Chemicals C. Extractive Based Chemicals D. Foodstuffs from Wood E. Summary of Opportunities in Energy, Chemicals, and Related Products IV. Detailed New Process Analyses A. The Downheat Brayton Cycle B. Cattle Food Supplements V. ConclusionAppendix: Glossary of AbbreviationsIndex