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Madison Paper Completes $52 Million Upgrade

Press release from the issuing company

MADISON, ME, July 5, 2001 – Madison Paper Industries (MPI), a leading manufacturer of high quality supercalendered paper, announced the successful completion of its $52 million upgrade program for its #3 paper machine. "The rebuild of PM3 and its start-up were implemented flawlessly. Our upgraded paper machine produces the highest quality and most technologically advanced SC paper available", commented Leroy J. (Roy) Barry, MPI President and CEO. This latest machine upgrade includes a complete new "wet-end" featuring an OptiFlo headbox, OptiFormer gap former and a new shoe press and fourth press. Over the years, more than $250 million has been invested in PM3 to insure that its product, Symmetry, remains the top brand in the supercalendered paper category. David Knauer, President of Madison International Sales Company, which has the responsibility for marketing and sales, commented, "We have rebranded PM3's product as "new" Symmetry. Our paper has improved uniformity, opacity and printability which allows our customers to produce their catalogs, magazines and retail products on the highest quality, most reliable SC paper". A partnership of Myllykoski Corp, Finland and The New York Times Company (NYSE: NYT), Madison Paper Industries has its headquarters and production facilities in Madison, Maine. The company's sales organization, Madison International Sales Company, has offices in Norwalk, Connecticut; Chicago, Illinois; and Montreal, Canada.