Stone Arcade finalizes deal for IP's kraft papers business
Jan. 2, 2007 - Stone Arcade Acquisition Corp. said it has completed the acquisition of International Paper's kraft papers business and will change its name to KapStone Paper and Packaging Corporation.
"The acquisition of IP's kraft papers business is an important first step for our company," said Roger Stone, chairman and CEO of Stone. "It provides us with a solid platform from which we hope to expand. We are anxious to continue building on the success of this business while we simultaneously explore strategic acquisitions."
KapStone Paper and Packaging will continue to be headquartered in Northfield, Illinios. The newly acquired kraft papers business will operate as Kapstone Kraft Paper Corporation, and includes a paper mill in Roanoke Rapids, North Carolina, and Ride RiteŽ, a dunnage bag plant in Fordyce, Arkansas.
The business employs about 700 people.
SOURCE: Stone Arcade Acquisition Corp.
See related story:
International Paper Agrees to Sell Kraft Papers Business (06/26)