With reference to the announcement made on 30 September 2013 about the future of the Sappi Nijmegen Mill, Sappi wishes to confirm that it has reached an agreement to dispose of the mill to an affiliate of American Industrial Acquisition Corporation (“AIAC”), Sappi announces in a press release received by Pulp & Paper News today.
The new name of the Sappi Nijmegen Mill is Innovio Papers. It will manufacture specialty paper and will no longer be engaged in the coated graphic paper business. A transfer plan is being arranged with current graphic paper customers.
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.
