Burrows Paper Sells Packaging Operations to Novolex; Sells Paper Operations to Twin Rivers Paper Company
November 17, 2016 - Burrows Paper Corporation on Nov. 11 announced that it has agreed to sell its Packaging Division operations to Novolex™ and sell its Paper Division operations to Twin Rivers Paper Company.
Terms of the deals were not disclosed.
Novolex is one of North America's leaders in packaging, serving retail, grocery, food service, hospitality, institutional and industrial markets. It will acquire the operations located in Franklin and Mt. Vernon, Ohio; Reno, Nevada; Ft. Madison, Iowa; Kerkrade, the Netherlands; and Heshan, China.
Twin Rivers Paper Company, headquartered in Madawaska, Maine, is an integrated specialty paper company that produces specialty packaging, label and publishing papers, as well as dimensional lumber. Twin Rivers will acquire operations located in Little Falls and Lyonsdale, New York, and Pickens, Mississippi.
“Our decision to sell Burrows to these two great companies is the right one for the continued success of our customers, employees and communities,” said Phil Paras, President and Chief Operating Officer of Burrows Paper. “I'm confident that our people are positioned to truly prosper and grow with Novolex and Twin Rivers.
“For nearly a century, we have taken great pride in our ability to develop long-term relationships with customers based on trust and the ability to provide for, and anticipate, their needs through innovation and initiative. I know that will continue under new ownership. The story of Burrows and its rich history is moving on to its next chapter and I am confident in what the future holds,” Paras added.
Stan Bikulege, Chairman and CEO of Novolex said, “As we look forward to the integration of the Burrows Packaging Division team and business into the Novolex family, there's a lot to be excited about. From the more than 400 new and talented team members who will join us to the technology and global reach of Burrows, this acquisition will enhance our ability to serve our customers and expand our horizons in many ways.”
Burrows expects to close the transactions in the fourth quarter of 2016.
SOURCE: Burrows Paper Corporation