Madawaska, Maine, USA 04 April 2018 -- Twin Rivers Paper Company LLC announced today that it has entered into a definitive agreement to acquire the paper mill located in Pine Bluff, Arkansas owned by Mondi Group. Twin Rivers, headquartered in Madawaska, Maine, produces specialty packaging, label, publishing, and technical specialty papers as well as dimensional lumber. It is owned jointly by Atlas Holdings LLC and Blue Wolf Capital. The acquisition is anticipated to be completed in Q2 2018. Terms were not disclosed.
The Pine Bluff mill to be acquired under this Agreement produces Multiwall, Converting and Grocery Bag grade unbleached kraft papers serving a variety of food, agricultural, and industrial applications. With basis weights between 40# and 78#, the mill has a capacity in excess of 140,000 US short tons.
"Twin Rivers is a nimble, high quality, integrated forest products company, well positioned as a market leader in the packaging, publishing, label and technical specialties markets," said Bob Snyder, Chief Executive Officer of Twin Rivers. "The addition of the Pine Bluff Mill paper is consistent with the evolution of our company and fully complements our overall mill system, product offering, and strategic direction."
"We are very pleased with the opportunity to add this facility and its valued associates to our company," said Ken Winterhalter, President of Twin Rivers. "The proposed transaction will provide a logical grade-line extension to our current offerings and clear evidence of our ongoing commitment to enhance the value we provide to our customers."
"With this Agreement and its recent acquisition of Burrows Paper, Twin continues to strengthen its hold atop the marketplace," said Tim Fazio, Co-Founder and Managing Director of Atlas Holdings. "This is an exciting step for the business and we look forward to welcoming the team in Pine Bluff to the Twin Rivers family."
"We are excited to add Pine Bluff to the Twin Rivers portfolio," said Adam Blumenthal, Managing Partner of Blue Wolf Capital. "The strategic acquisition positions the company well to grow with and better serve its customers and other stakeholders."
Clembag grBag s Willee, CEO Packaging Paper, Mondi Group, said, "We believe that the interests of the mill and its employees are better served by the new owners where there is a closer long-term strategic alignment."
About Mondi Group
Mondi is a global leader in packaging and paper, employing around 26,000 people in over 30 countries. They are fully integrated across the packaging and paper value chain - from managing forests and producing pulp, paper, and plastic films, to developing and manufacturing effective industrial and consumer packaging solutions. Sustainability is embedded in everything they do, with clearly defined commitments across 10 action areas. They delight our customers with our innovative and sustainable packaging and paper solutions. Their major operations are in central Europe, Russia, North America and South Africa. In 2017, Mondi had revenues of €7.1 billion and a return on capital employed of 19.7%.
Mondi has a dual listed company structure, with a primary listing on the JSE Limited for Mondi Limited under the ticker MND and a premium listing on the London Stock Exchange for Mondi plc, under the ticker MNDI. We are a FTSE 100 constituent and have been included in the FTSE4Good Index Series since 2008 and the JSE's Socially Responsible Investment (SRI) Index since 2007.
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