NewPage
NewPage was a leading producer of printing and specialty papers in North America with $3.1 billion in net sales for the year ended December 31, 2012. NewPage was headquartered in Miamisburg, Ohio, and owned paper mills in Kentucky, Maine, Maryland, Michigan, Minnesota and Wisconsin. These mills have a total annual production capacity of approximately 3.5 million tons of paper.
| Type | Information |
|---|---|
| Industry | Papermaking |
| Fate | Acquired by Verso Corporation (2015)[1] |
| Founded | 2005 |
| Headquarters | Miamisburg, Ohio |
Key people | Mark A. Angelson Chairman George F. Martin President & CEO James C. Tyrone EVP, Commercial Operations and Business Development Jay A. Epstein SVP CFO Daniel A. Clark SVP & CAO David L. Santez SVP, General Counsel and Secretary L. Mark Lukacs SVP, Operations |
| Products | Paper |
| Website | www.newpagecorp.com |
NewPage had facilities in Wisconsin, Minnesota, Michigan, Kentucky, Maryland and Maine. Its closed and former facilities are Niagara Mill, located in Niagara, Wisconsin (closed in 2008), Kimberly Mill, located in Kimberly, Wisconsin (closed in 2009), Chillicothe Mill, located in Chillicothe, Ohio sold in 2006 to Glatfelter; still operational, Port Hawkesbury Mill, located in Point Tupper, Nova Scotia (closed in 2011; re-opened in 2012 by Stern Partners as Port Hawkesbury Paper) and Whiting Mill, located in Whiting, Wisconsin (closed in 2011). In early 2015, the company was acquired by the Verso Corporation for $1.4 billion.[1]
History
Two of the mills can trace their roots to the West Virginia Paper Company (aka the West Virginia Pulp & Paper Company and later, Westvaco) that was established in 1888 by William Luke on 50 acres (202,000 m²) of land along the Potomac River in an area known as "West Piedmont" (now Luke, Maryland). The mill in Luke remains a major economic factor in the area and its impact straddles the river into Beryl and Piedmont in West Virginia.
In 2005, MeadWestvaco's Printing and Writing Paper business was sold to investment firm Cerberus Capital Management for about $2.3 billion to form NewPage Corporation. [2] NewPage originally constituted 5 pulp and paper manufacturing in Kentucky, Maine, Maryland, Michigan, and Ohio. In April 2006, NewPage sold their carbonless operations located in Ohio for $84 million to global specialty papermaker P. H. Glatfelter Company, based in York, Pennsylvania. In 2007, NewPage Corporation purchased the North American assets of Stora Enso (formerly Consolidated Papers, Inc.) which included mills in Minnesota, Wisconsin and Nova Scotia.
On September 7, 2011, the NewPage Corporation filed for chapter 11 bankruptcy reorganization due to negative cash flow for more than a year.[3] NewPage Corporation announced December 21, 2012, that it has successfully completed its financial restructuring and has officially emerged from Chapter 11 bankruptcy protection pursuant to its Modified Fourth Amended Chapter 11 Plan which was confirmed on December 14, 2012, by the U.S. Bankruptcy Court for the District of Delaware in Wilmington.[4]
References
- Cogliano, Joe (7 January 2015). "Verso completes $1.4 billion purchase of Newpage". Dayton Business Journal. Retrieved 11 May 2015.
- "Cerberus-Backed NewPage Files for I.P.O.". New York Times. 19 April 2006.
- "NewPage's Bankruptcy Touches Off A Tussle Among Bondholders". September 7, 2011.
- "NewPage Emerges from Chapter 11 Bankruptcy Protection".