International Paper Completes Sale of Industrial Papers Business to Kohlberg & Company, LLC
Press release from the issuing company
STAMFORD, Conn., June 1 -- International Paper has completed the sale of its Industrial Papers business to an affiliate of Kohlberg & Company, LLC of Mt. Kisco, N.Y. Subject to certain adjustments to be made after closing, the company anticipates cash proceeds from the transaction will be approximately $180 million.
The Industrial Papers Business includes the lightweight packaging papers and pressure sensitive papers segments and related converting assets. Included in the sale are the DePere and Kaukauna, Wis., Mills; the Akrosil business with facilities in Menasha, Wis., Lancaster, Ohio, and Heerlen, Netherlands; and Thilmany Packaging located at the Kaukauna Mill. The business employs approximately 1,400 people. Also included is an agreement to manufacture lightweight specialty papers produced at IP's Androscoggin, Maine, Mill.
Founded in 1987, Kohlberg & Company is a private equity firm with offices in Mt. Kisco, New York and Palo Alto, California. Together with its affiliates, Kohlberg manages more $3.7 billion of capital. Through its affiliates, Kohlberg has completed over 75 acquisitions and recapitalization transactions in a variety of industries, including a focus on investments in the manufacturing, healthcare, consumer products and service industries.
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