Myllykoski Sells Alsip Mill to Watermill Group
Nov. 9, 2009 - Finnish papermaker Myllykoski said that it has sold its mill in Alsip, Illinois to The Watermill Group, a private equity firm, headquartered in Lexington, Massachusetts.
Terms of the deal were not disclosed.
The Alsip mill, located 12 miles southwest of Chicago, has an annual capacity of 135,000 metric tonnes of coated groundwood paper. The mill employs 148 people.
Under Myllykoski's ownership, the Alsip mill was known as Madison Paper Company. However, as a result of the sale, The Watermill Group has renamed the operation FutureMark Paper Company.
“We were drawn to this paper manufacturer for its green technology and its ability to offer a one-of-a-kind product in an otherwise commoditized market,” said Steven Karol, founder and managing partner of The Watermill Group.
“We believe FutureMark Paper Company is well positioned and well capitalized to make tremendous gains in the emerging market for environmentally friendly paper," Karol added.
Myllykoski said it will work collaboratively with the new owner during a transition period.
SOURCE: Myllykoski and The Watermill Group