NewPage Group Inc has filed a registration statement with the SEC yesterday proposing initial public offering of its common stock:
NewPage Group Inc. is the parent company of NewPage Corporation. NewPage Corporation, headquartered in Miamisburg, Ohio, is the largest coated paper manufacturer in North America, based on production capacity, with more than $4.7 billion in pro forma net sales for the year ended December 31, 2007. The company's product portfolio is the broadest in North America and includes coated freesheet, coated groundwood, supercalendered, newsprint and specialty papers. These papers are used for corporate collateral, commercial printing, magazines, catalogs, books, coupons, inserts, newspapers, packaging applications and direct mail advertising.
In 2005 Cerberus Capital Management LP, a private, New York-based investment firm formed NewPage to acquire MeadWestvaco's printing and writing papers business which is bought for $2.3 billion. On December 21, 2007, NewPage acquired Stora Enso North America, Inc.
NewPage also made news when it petitioned the United States International Trade Commission to look into improper or illegal subsidies to China, Indonesia, and Korea paper producers. Tariffs were rejected by the ITC last November.
Discussion
By bill on May 07, 2008
Let me get this straight:
A. Mead paper merges with Westvaco and we have Meadwestvaco
B. Then Meadwestvaco gets out of most paper making and sells it to NewPage. They say paper making is not profitable.
C. Consolidated is bought by Stora Enso and Stora sells it to NewPage.
D. Now they want to go public.... because??
E. They want to do the IPO in the bottom of a bad market because????