RUMFORD (NEWS CENTER Maine) -- The checks have cleared in ND Paper LLC's acquisition of a pulp and paper mill in Rumford.
A month passed between the deal's announcement on May 25 and its completion on June 29. For the price of $175 million, ND Paper bought the mills in both Rumford and Biron, Wis. that were previously owned by Catalyst Paper Corporation.
All of the mills workers and support staff in Ohio will be absorbed into the new company. ND Paper describes the output of the two mills as coated one-side, coated freesheet, coated groundwood, and hardwood and softwood market pulp grades.
“We are very excited about the new products, team members and new business opportunities we can create with this acquisition,” said ND Paper CEO Ken Liu in a written statement. “We look forward to working with the teams and local communities in Maine, Wisconsin and Ohio to expand our industry leadership globally.”
ND Paper LLC is a subsidiary of the Hong Kong-based company Nine Dragons Paper Limited. Between its nine mills and 39 machines, the company describes itself as the largest containerboard producer in Asia.