SMART Papers re-emerges under new ownership
Jan. 3, 2007 - Smart Papers today said that Plainfield Asset Management of Greenwich, Conn. is its new owner, and is expanding production on all three papermaking machines at its Hamilton, Ohio mill.
"With disciplined production of branded products and an intense focus on customer needs, we believe Smart Papers is on its way to reclaiming its role as a top supplier in the North American premium paper markets," said Eric Reehl, Managing Director at Plainfield Asset Management and board member of the Smart Papers.
"We believe that with Plainfield's commitment and deep resources, SMART Papers will be positioned to take advantage of the changes underway in the printing papers market," Reehl added.
Smart Papers president and CEO, Tim Needham, said the company owes its recent exit from Chapter 11 creditor protection to Plainfield, an investment advisory firm with more than $2 billion in capital.
"We literally wouldn't be here without their support, and without the support of our dedicated employees," Needham said.
Needham said Smart Papers is now well capitalized to expand sales and distribution of its products to North American paper merchants, printers, designers and corporations.
The company has capacity to produce 120,000 tons per year of premium cast-coated, matte-coated and uncoated printing, text, cover and writing papers on its three paper machines and 22 casting drums.
SOURCE: SMART Papers
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