Nine Dragons Paper Completes Acquisition of Catalyst Paper's Pulp and Paper Mills in Maine and Wisconsin
The Rumford and Biron mills produce coated one-side, coated freesheet, coated groundwood, and hardwood and softwood market pulp grades. (pictured above: Biron mill located in Wisconsin Rapids, Wisconsin)
June 29, 2018 (Press Release) - ND Paper LLC (“ND Paper”), a wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited, (HKG: 2689), (the "Company," or "Nine Dragons), today announced the completion of its acquisition of the Rumford, Maine and Biron, Wisconsin pulp and paper mills from Catalyst Paper Corporation, as previously announced on May 25, 2018. Under the terms of the definitive agreement, ND Paper paid a total consideration of US$175.0 million. The acquisition is expected to be accretive to Nine Dragons' performance in the second half of calendar 2018.
“We are very excited about the new products, team members and new business opportunities we can create with this acquisition,” said Ken Liu, CEO of ND Paper. “We look forward to working with the teams and local communities in Maine, Wisconsin and Ohio to expand our industry leadership globally.”
The Rumford and Biron mills have a combined manufacturing capacity of nearly 900,000 tonnes across five paper production and two kraft pulping lines. The mills produce coated one-side, coated freesheet, coated groundwood, and hardwood and softwood market pulp grades for a diverse base of global customers. The employees of Rumford and Biron as well as the associated staff in Dayton, Ohio will join ND Paper.
About ND Paper LLC
ND Paper LLC is a wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited, an environmentally-friendly manufacturer of various types of paper and paper-based products. Nine Dragons is the largest containerboard producer in Asia and is a leading paper product manufacturer globally. It is primarily engaged in the production and sale of a broad variety of packaging paperboard products, including linerboard, high performance corrugating medium, coated duplex board, as well as recycled printing and writing paper and specialty paper.
Nine Dragons operates nine mills and 39 machines with total annual production capacity of over 14 million tonnes. During the last twelve months ended December 31, 2017, the Company generated revenues of RMB 45.7 billion (US$6.8 billion), operating income of RMB 9.8 billion (US$1.4 billion), and net income of RMB 6.8 billion (US$1.0 billion). Nine Dragons was established in 1995 and listed on the Main Board of the Hong Kong Stock Exchange on March 3, 2006. As of May 24, 2018, the Company's market capitalization was approximately HK$58.2 billion (US$7.4 billion). For more information on Nine Dragons and ND Paper, please visit us.ndpaper.com
SOURCE: ND Paper LLC
Go to related story on PaperAge.com:
» Catalyst Paper Agrees to Sell Its Two U.S. Mills to Nine Dragons for $175 Million (May 25, 2018)