Combined Locks, WI /PRNewswire/ - Appleton Coated LLC, a manufacturer of coated, uncoated, and specialty papers, as well as containerboard medium, liner, white top and coated white top has been sold to Industrial Assets Corp., a California-based corporation specializing in the acquisition and subsequent resale and or leasing of distressed manufacturing companies in their entirety. IA Corp., is now seeking to sell or lease the facilities and equipment to a single buyer or co-operators. Appleton produced over $300M in annual sales and has recently entered the brown paper and coated board marketplace.
Steven Mattes, CEO of Industrial Assets Corp., states the site has over a billion USD of investment capital put into the infrastructure and equipment at the site. The workforce is determined to keep the mill in operation with a high level of technical knowledge and work ethic. Industrial Assets and its partner, Maynards Industries, are uniquely suited to find the perfect strategic buyer, most likely in the growing packaging grade sector. This mill's infrastructure is very desirable, featuring a 50 MW Cogeneration system, which will provide low cost energy, the site includes rail service, all permits in place for an immediate restart for a domestic or foreign buyer. This 55-acre site with 1.2 million sq. ft. is ideal for running containerboard grades. The (3) paper machines have trim widths ideal to serve the corrugator converters with a customer base ready to enter into production output agreements. The Jagenberg off-machine coater laminator provides the distinct advantage to produce linerboard to the growing demand of the high end graphics segment of commodity packaging.
"We have a combined ability to provide direct financing and leasing program for all size companies to take advantage of this very unique opportunity," said Taso Sofikitis, CEO/President of Maynards.
"We are pleased that the sale process has concluded and we have a clear direction," said Doug Osterberg, President and CEO of Appleton Coated LLC. "We are working closely with Industrial Assets and their partners to secure a strategic buyer or co operators for this mill and to reemploy as many people in Combined Locks as possible, as we have for almost 130 years."
SOURCE: Industrial Assets Corp.Copyright 2017 PR Newswire. All Rights Reserved