Fraser Papers Completes Sale of Midwest Operations to SMART Papers
Press release from the issuing company
TORONTO--Feb. 18, 2005-- Fraser Papers Inc. today announced that it has completed the sale of the company's pulp and paper assets located in Park Falls, Wisconsin, as well as the West Chicago, Illinois, converting, distribution and customer service center to an affiliate of SMART Papers, LLC. Fraser Papers expects to realize an annual benefit of $8 million as a result of this transaction due primarily to a net reduction in selling and administrative costs.
"This transaction represents progress on our strategy to reposition Fraser Papers' asset base and focus on our core integrated paper operations" commented Dominic Gammiero, President and CEO of Fraser Papers.
SMART Papers is a privately held manufacturer of premium printing papers based in Hamilton, Ohio.
Fraser Papers is an integrated specialty paper company which produces a broad range of technical, and printing & writing papers. The company has operations in New Brunswick, Maine, New Hampshire and Quebec. Fraser Papers is listed on the Toronto Stock Exchange under the symbol: FPS. For more information, visit the Fraser Papers website at www.fraserpapers.com.
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