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Mohawk to Purchase IP Fine Papers |
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[Cohoes, NY] – Mohawk Paper Mills announced today it has signed a letter of intent to purchase the Fine Papers Business from International Paper, of Stamford, CT. The Fine Papers Business includes the writing, text and covers papers and artist products segments. The transaction is subject to approval by Mohawk’s board of directors as well as completion of due diligence and financing. Mohawk and International Paper expect to complete the transaction during the first quarter of 2005, subject to the various closing conditions and regulatory approvals. Terms of the transaction are not being disclosed. The Hamilton, Ohio paper mill, the Saybrook, Ohio converting facility, and the Westfield, Mass. Artist Products converting operation will be included in this transaction, as well as related sales, marketing, and customer service staff. The sale will also include the Strathmore®, Brite Hue®, Via®, and Beckett® brands. The Fine Papers business produces approximately 65,000 tons per year of Strathmore, Beckett, Via, and Brite Hue brands. The business employs 496 people. According to Thomas O’Connor, Jr., Mohawk Chairman and CEO, “This deal is a nearly perfect fit for these two businesses and brings some of the industry’s most trusted brands together under one management. We have great respect for the people at IP Fine Papers and look forward to building on the synergies of this acquisition to create new opportunities in the writing, text and cover, and premium digital markets.” Mohawk Paper Mills, Inc. is a leader in the manufacture of premium printing and imaging papers. From its flagship grade, Mohawk Superfine™, to proprietary Inxwell® products, Navajo® and Options® to Mohawk Digital Papers™, Mohawk engineers its papers to provide optimal performance for sheetfed, web and digital printing. A leader in environmental stewardship, Mohawk is one of the first large-scale production facilities in the U.S. to use non-polluting, wind energy to manufacture paper. Several of Mohawk’s recycled products have been certified by the Forest Stewardship Council [FSC] and Green Seal. Press Information: Client Contact: Agency Contact:
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