Business
Neenah to Expand Fine Paper Business With Agreement to Acquire Fox River
Neenah to Expand Fine Paper Business With Agreement to Acquire Fox River.
About this update from Northpalm Capital Corp.
[{"type":"text","content":"\n\n\n\nALPHARETTA, Ga., Feb. 6 /CNW/ -- Neenah Paper, Inc. announced today it\nhas signed a definitive agreement to purchase the Fox Valley Corporation,\nwhich owns Fox River Paper Company, LLC (\"Fox River\"). Fox River is a leading\nU.S. producer of premium fine papers with well-known brands including\nSTARWHITE(R), SUNDANCE(R), ESSE(R) and OXFORD(R). The transaction has been\napproved by the Boards of Directors of both companies and is subject to\ncustomary closing conditions and approval by Fox River shareholders. While the\npurchase price was not disclosed, the company indicated the acquisition would\nbe financed through existing credit facilities and operating cash flows.\nClosing is expected to occur in the first quarter.\n\n\n\"The purchase of Fox River provides a unique opportunity to strengthen\nour existing Fine Paper business with added scale in the marketplace, better\nprospects for growth, and the ability to offer a broader array of premium\nbranded products and better service to our customers,\" said Sean Erwin, Chief\nExecutive Officer and Chairman of the Board. \"We also expect to be able to\ncreate real value as we optimize our combined operations and product\nportfolio. Additional details will be shared after the transaction is closed\nand as we move forward with integration activities.\"\n\n\nAbout Neenah Paper, Inc.\n\n\nNeenah Paper manufactures and distributes a wide range of premium and\nspecialty paper grades, with well-known brands such as CLASSIC(R),\nENVIRONMENT(R), KIMDURA(R), MUNISING LP(R), Gessner(R) and varitess(R). The\ncompany also produces and sells bleached pulp, primarily for use in the\nmanufacture of tissue and writing papers. Neenah Paper is based in Alpharetta,\nGeorgia, and has manufacturing operations in Wisconsin, Michigan, Nova Scotia,\nCanada, and Bruckmuhl, Feldkirchen-Westerham and Lahnstein, Germany.\nAdditional information about Neenah Paper can be found at the company's web\nsite at www.neenah.com.\n\n\nCautionary Note Regarding Forward-Looking Statements\n\n\nCertain statements in this press release may constitute \"forward-looking\"\nstatements as defined in Section 27A of the Securities Act of 1933 (the\n\"Securities Act\"), Section 21E of the Securities Exchange Act of 1934 (the\n\"Exchange Act\"), the Private Securities Litigation Reform Act of 1995 (the\n\"PSLRA\"), or i...