Mohawk to Sell Strathmore Artist Papers Business
Sept. 22, 2006 - Mohawk Fine Papers Inc. today said that it has signed an agreement to sell its Strathmore Artist Papers™ business to Wisconsin-based Pacon Corporation. The Artist Papers business includes fine art papers, textured and decorative sheets, greeting card papers, and digital photo and inkjet papers marketed under the Strathmore Artist® brand.
Under the terms of the agreement, Pacon will acquire the business assets, equipment and inventory, and an exclusive license to use the trade names involved with the Artist Papers business. The sale does not include the Strathmore® brand or Strathmore's comprehensive portfolio of premium writing, text and cover papers for marketing communications and corporate identity.
"This sale will allow Mohawk to focus on our core business of premium printing papers, where we have a national leadership position," said Tom O'Connor, Jr., Mohawk's chairman and CEO.
Mohawk acquired the Strathmore Artist Papers brands in May 2005, as part of its acquisition of the brands associated with International Paper's Fine Papers Division.
This transaction is expected to close by the end of October and will be subject to customary closing conditions.
SOURCE: Mohawk Fine Papers Inc.