International Paper Completes Sale of Fine Papers Business to Mohawk
Press release from the issuing company
STAMFORD, Conn., May 2 -- International Paper has completed the sale of its Fine Papers business to Mohawk Paper Mills, Inc., of Cohoes, N.Y. Subject to certain adjustments to be made after closing, the company anticipates cash proceeds from the transaction will be approximately $60 million.
The Fine Papers Business includes the writing, text and cover papers and artist papers segments. Included in the sale are the Hamilton, Ohio, paper mill, with an annual production capacity of approximately 65,000 tons; the Saybrook, Ohio, converting center; and the Westfield, Mass., artist papers converting operation. The business employs approximately 500 people. The sale also includes the Strathmore, Brite Hue, Via and Beckett brands.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.