Sappi Disposes of Nijmegen Mill in the Netherlands
The Nijmegen Mill in the Netherlands will now be known as Innovio Papers.
June 17, 2014 - Sappi Fine Paper Europe said that it has reached an agreement to dispose of its Nijmegen mill in the Netherlands to an affiliate of American Industrial Acquisition Corporation (AIAC).
Specific details of the deal were not disclosed.
On September 30, 2013, Sappi announced that it had undertaken a review of its European production assets and identified the need to concentrate its production at fewer sites. At that time, the company's “preferred option” would be to relocate the entire production of Nijmegen Mill to other Sappi mills in Europe.
The new name of the Sappi Nijmegen Mill is Innovio Papers and it will manufacture specialty paper and will no longer be engaged in the coated graphic paper business, Sappi said.
A transfer plan is being arranged with current graphic paper customers, Sappi added.
The transaction is effective as of June 16, 2014.
Nijmegen Mill, which began operation in 1908, is one of Europe's largest suppliers of coated fine paper in reels, specifically designed for heatset web offset printing, as well as special coated fine paper for use in digital printing. The mill operates a single paper machine.
Based in New York, NY, AIAC is a group of sixty manufacturing sites with over 9,500 employees in eighteen countries in North America, Europe, Africa, and Asia. Total annual revenues are in excess of US$1.5 billion. AIAC has purchased units of Boeing, Siemens, Northrop Grumman, Lockheed Martin, United Technologies, Ingersoll-Rand, Johnson Controls, Ahlstrom, Novelis, Kodak, Jabil Circuit, and other large public corporations.
SOURCE: Sappi Limited