New-Indy Containerboard to Invest $240 Million to Convert Production at Catawba Mill to Containerboard Grades
Following conversion to containerboard grades, the Catawba mill will produce over 600,000 tons per year of high-quality, ultra-lightweight virgin linerboard.
Dec. 13, 2019 - New-Indy Containerboard announced plans to invest $240 million to convert production at its recently acquired pulp and paper mill in Catawba, South Carolina from lightweight coated paper to containerboard grades.
New-Indy acquired the Catawba mill from Resolute Forest Products in October of this year for the total purchase price of about US$300 million — $260 million in cash and the assumption of approximately $40 million of balance sheet liabilities, largely net pension benefit obligations.
According to an article in Area Development Online, the equipment conversion and new operations are expected to be online during the fourth quarter of 2020.
“New-Indy Containerboard is excited about our acquisition of the pulp and paper mill located in Catawba, South Carolina. Our intent is to convert the existing facility from the production of communication paper products to containerboard grades,” said Rick Hartman, COO of New-Indy Containerboard.
“We want to thank the York County Council and the South Carolina Department of Commerce for the valuable assistance they provided during the purchase process. Their support is critical to the facility's continued growth and success, and we look forward to a close and long-lasting relationship with both of these entities,” Hartman said.
A statement on New-Indy's website says, “Following conversion to containerboard grades, the [Catawba] mill will produce over 600,000 tons per year of high-quality, ultra-lightweight virgin linerboard.
About New-Indy Containerboard
New-Indy operates four mills producing 750,000 tons of recycled containerboard per year, a recycled materials business that handles more than 1.5 million tons of old corrugated containers per year, and two full-line corrugated packaging businesses manufacturing 3.1 billion square feet of shipping containers per year. Additionally, the Catawba pulp and paper mill is one of the most diverse and efficient mill operations in the industry through its production of market pulp, lightweight coated papers and specialty grades. To learn more, visit: newindycontainerboard.com.
SOURCE: Area Development Online and New-Indy Containerboard
Go to a related story on PaperAge.com:
» Resolute to Sell Catawba Paper and Pulp Mill to New-Indy for $300 Million.