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Nine Dragons Paper
China
Nine Dragons Paper, one of the largest paperboard packaging manufacturers in the world, has the bulk of its operations and sales in China. The company primarily manufactures containerboard, and recovered paper makes up approximately 80%-90% of its raw materials. The high recycled content, along with the high potential for future recycling, positions Nine Dragons' products well in a time of growing pressures on forests and increased demands for recycled packaging. Nine Dragons demonstrates its commitment to energy efficiency and pollution prevention in its operations through its investments in cogeneration power plants at two of its manufacturing bases, as well as other equipment to reduce waste and emissions. The company has also obtained ISO 14001 certification for its environmental management system. Nine Dragons has strategically placed its facilities in close proximity to shipping piers and railways, which results in a reduction in the company's logistics costs and associated environmental impacts. While the vast majority of the company's raw materials are recycled feedstocks, Nine Dragons also uses a small amount of kraft pulp. Unfortunately, the company does not appear to have supplier guidelines or a commitment to buy pulp from environmentally sustainable sources. Portfolio 21 has asked Nine Dragons to establish stronger supplier and materials sourcing guidelines.
Human rights concern
Portfolio 21 recognizes there are significant concerns in regards to the implementation and enforcement of labor rights and environmental regulations in China; however, given the nature of Nine Dragons Paper's business and its ability to provide recycled content packaging, we feel these positive attributes make the investment worthwhile. Read Portfolio 21's Globalization, Human Rights and Social Justice policy.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 3/31/08 and may not reflect current opinions or subsequent events.