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NewPage to Market and Sell Kimberly, WI Facility

Friday, April 24, 2009

Press release from the issuing company

MIAMISBURG, Ohio -- NewPage announced today that it has engaged an investment banking firm, Sanabe & Associates, LLC, to support NewPage with the marketing and sales process for the Kimberly, WI facility. This is the same firm that helped NewPage market the Niagara, WI facility.

"Before the sharp downturn in the coated paper markets, we had near-term hopes of restarting one or more of the machines at Kimberly on coated paper," said Mark Suwyn, executive chairman of NewPage. "We have kept the mill operational to be able to restart fairly quickly. The extended economic downturn has eroded coated paper demand further to where we have to more actively consider the utilization of the Kimberly site for other purposes. We will be working with the Kimberly and state officials as well as the former employees to develop the marketing materials."

"We couldn't be more pleased that NewPage is considering a buyer for the Kimberly mill. We fully support their efforts and are working closely with them to help our former union members get back to work," said Jon Geenen, international vice president of the United Steel Workers (USW).

Sanabe & Associates will be focused on companies who are interested in manufacturing non-coated products that do not directly compete with the current portfolio of printing papers offered by NewPage, as well as potential other uses for all or portions of the site.

 

 

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