ND Paper LLC Completes Acquisition of Resolute Forest Products Recycled Pulp Mill in Fairmont, West Virginia
OAKBROOK TERRACE, Ill., Nov. 1, 2018 /PRNewswire/ — ND Paper LLC, a wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited, today completed its acquisition of the Fairmont, West Virginia recycled pulp mill from Resolute Forest Products Inc., as announced in August. Under the terms of the asset purchase agreement, ND Paper paid U.S. $62 million in cash.
“We are pleased to complete this acquisition and welcome the Fairmont employees to the ND Paper team,” said Ken Liu, group deputy chairman and chief executive officer of ND Paper. “The portfolio of Fairmont pulp grades aligns exceptionally well with our long-term strategy of environmentally-sustainable papermaking.”
The Fairmont mill manufactures and distributes recycled pulp used in a wide range of products, from packaging to tissue paper. Located in the northern part of West Virginia, the mill has an annual production capacity of approximately 218,000 metric tonnes, and is one of only three in the world that produces air-dried recycled pulp.
About ND Paper
ND Paper is a recently-formed, wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited (HKG: 2689), a leading global paper product manufacturer. ND Paper operates three pulp and paper mills in North America with diverse capabilities and combined annual production capacity exceeding 1.1 million metric tonnes. The integrated Rumford Division in Maine manufactures coated one-side, coated freesheet, coated mechanical, and market pulp grades; the Biron Division in Wisconsin is a primary supplier of lightweight coated mechanical papers; and the newly-acquired Fairmont mill produces recycled pulp. ND Paper is headquartered in Oakbrook Terrace, Ill. For information, visit us.ndpaper.com.
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SOURCE ND Paper LLC