NewPage and Niagara Development complete sale of Niagara, Wisconsin mill
Monday, February 14, 2011
Press release from the issuing company
Niagara, Wis. - NewPage Wisconsin System Inc., a wholly-owned subsidiary of NewPage Corporation, and Niagara Development LLC jointly announced today Niagara Development LLC's acquisition of the NewPage Niagara, Wisconsin mill property and assets.
The NewPage Niagara facility permanently closed in July, 2008 due to a significant decrease in demand for coated paper. The paper machines at the Niagara mill produced approximately 250,000 tons of lightweight coated groundwood papers used in magazines and catalogs. In March, 2009, NewPage sold the NewPage hydroelectric facility in Niagara, Wisconsin to Northbrook Wisconsin, LLC.
"Since the closure of the mill in 2008, NewPage has worked with the City of Niagara to locate a viable purchaser for the mill with a positive outcome for the community," said George Bousley, mayor, City of Niagara. "We are pleased that Niagara Development LLC is purchasing the NewPage Niagara property and assets and believe this is the best possible option for the facility, the City of Niagara and its residents."
Niagara Development LLC is exploring options with the City of Niagara and others for possible uses of the property and assets going forward.
"We see this deal as a great opportunity for the towns of Niagara, Iron Mountain, Kingsford, Quinnesec and Norway, as well as the surrounding region," says Eric J. Spirtas, president of Niagara Development LLC.
Sanabe & Associates, LLC, acted as financial advisor to NewPage in the transaction.
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