Nip Impressions logo
Thu, Mar 28, 2024 04:11
Visitor
Home
Click here for Pulp & Paper Radio International
Subscription Central
Must reads for pulp and paper industry professionals
Search
My Profile
Login
Logout
Management Side
Appvion Completes Sale to Lender Group Led by Franklin Advisers

APPLETON, Wis. (News release) -- Appvion announced completion of the sale of substantially all of the Company's assets to a group of its lenders led by Franklin Advisers, Inc. The transaction will significantly reduce Appvion's debt, provide additional liquidity, and better position the Company to compete long-term in the evolving specialty paper market and further invest in the innovation that has made it a market leader.

As previously announced, the sale was approved by the U.S. Bankruptcy Court for the District of Delaware on May 14, 2018. The total consideration was approximately $365 million, plus the assumption of substantial liabilities, including many of the Company's contractual obligations.

Prior to the closing of the transaction, the Company reached agreement with the United Steelworkers Union on new collective bargaining agreements for Appvion's manufacturing facilities in Appleton, Wisconsin, West Carrollton, Ohio, and Roaring Spring, Pennsylvania. The new three-year agreements, which were ratified at the end of May, cover approximately 830 Appvion employees.

George W. Wurtz III, who has served as a member of Appvion's board of directors for nearly seven years, has been named president, chief executive officer, and chairman of the Company's newly-formed board. Jim Tyrone, who served as a senior vice president at Appvion from 2010 to 2012, has been named senior vice president of sales and marketing. These appointments are effective immediately.

"I would like to thank Kevin Gilligan for his leadership and many contributions during his tenure as CEO, helping Appvion navigate opportunities and challenges as well as its successful restructuring and sale process, and recognize Justin Merritt for his commitment to serving our customers as our sales and marketing lead through sale completion," said George Wurtz.

"With nearly four decades of experience in the paper and packaging sector, George Wurtz brings a unique blend of deep industry, operational, and financial expertise to Appvion, along with broad knowledge of its capabilities and markets," said Mark Boyadjian of Franklin Advisers. "We trust that George will engage Appvion's strong leadership team and dedicated employees to best position the company for long-term growth and success."

"I'm honored to have been selected as Appvion's CEO," said Wurtz. "This is a period of great opportunity for Appvion, as we have completed our sale and are positioned more strongly than ever. I look forward to working together with the leadership team, our talented employees, our valued suppliers, and our new owners to serve our customers and build this company's future."

Appvion and certain of its subsidiaries filed voluntary Chapter 11 cases on October 1, 2017 to facilitate a balance sheet restructuring and better position the business for long-term growth and success. On May 23, 2018, Appvion filed with the Bankruptcy Court a Chapter 11 Plan of Liquidation (the "Plan") to wind down the cases while the Company continues to operate in the ordinary course. The proposed Plan and the previously approved global settlement among Appvion, the Purchaser, Franklin Advisers, the Official Committee of Unsecured Creditors, and holders of the Company's $250 million of second lien notes pave the way for completion of the Chapter 11 cases in an expeditious manner.

DLA Piper is serving as legal counsel to Appvion, Guggenheim is serving as the Company's investment banker, and AlixPartners is providing Chief Restructuring Officer services. O'Melveny & Myers, PJT Partners LP, and MERU are serving as advisors to Franklin Advisers on the transaction.

About George W. Wurtz III

George Wurtz joined Appvion and Paperweight Development Corp. as a director in July 2011. Wurtz co-founded Soundview Paper Company, a manufacturer and distributor of finished paper products, where he previously served as chairman of the board of directors and chief executive officer. Prior to Soundview, Wurtz was the chief executive officer and president of WinCup, a leading manufacturer and distributor of a broad line of disposable foodservice products, and an executive vice president of Georgia-Pacific Corporation, a then publicly-traded leading maker of tissue, pulp, paper, packaging, building products, and related chemicals, after it acquired the James River Corporation / Fort James Corporation, where he had held a number of executive management positions.

In addition to serving as chairman of Appvion's board, Wurtz is currently a director of Remington Outdoor Company, Mohawk Fine Papers, Bemis Company, and Urbanspace. He also serves as a director and as chairman of the State University of New York (SUNY) at Oswego Engineering Advisory Board.

Wurtz received a bachelor's degree in industrial arts and technology from SUNY Oswego in 1978.

About Jim Tyrone

Jim Tyrone returns to Appvion with 36 years of management experience and an outstanding record of executive leadership in delivering strong market, financial, and operational results. He most recently served as executive vice president of commercial operations and business development for NewPage Corporation.

Tyrone's career in the paper industry began with Mead Corporation, where he served as vice president and general manager of the carbonless paper business unit, president of the fine paper division, vice president of Mead's paper division (all coated, carbonless, and uncoated paper products), and senior vice president of sales and marketing for MeadWestvaco Corporation prior to its spinoff of NewPage. His responsibilities included managing channel strategy, sales and profit margin growth, product improvements, organizational changes, productivity, throughput, and cost improvements.

Tyrone earned a master's degree in business administration from Harvard University and a bachelor's degree in chemical engineering from the University of Virginia.

****

EMPLOYMENT OPPORTUNITIES:

* We are looking for a Production Shift Team Leader to maintain high standards, plus ensure safety policies and regulations for a company located close to Chicago's Midway Airport. If you are experienced team leader who has a four-year degree in an engineering/technical field (paper science degree preferred, and experience in recycled linerboard or corrugating medium paper mills is a plus), we are looking for someone like you! If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

* A family owned and operated corrugated packaging solutions company in Illinois is looking for an experienced Maintenance Technician to maintain production and quality by ensuring operation of machinery and mechanical equipment. Relocation and other perks are available to the right candidate who is committed to working third shift. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

* Are you an experienced Maintenance Mechanic and would like to work for a family owned and operated corrugated packaging solutions company that invests in the best equipment and technology? If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

* A leading company in the corrugated solutions packaging business is looking for a experienced Electrician. The right candidate will possess the following skills: electrical; hydraulic; automatic drives (basic component machines 122 to 440 volts). If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

* An expanding company is looking for a Corporate Industrial Electro-Mechanical Engineer near Allentown, PA. Relocation is available. Do you have a storied list of unique electrical and mechanical engineering skills you're ready to take to the next level? Do you envision yourself in a corporate-level leadership role that your experience finally merits? And do you relish any opportunity to troubleshoot and solve real-time problems, all while designing and installing new services and systems that will not only ensure safety, but also turn a potentially hazardous work environment into a continuously thriving one? If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

* An expanding company is looking for hands-on Electro Mechanical Maintenance Techs in Conyers, Georgia. Preference will be given to candidates with higher education and additional certificates or training. You must be able to work any shift. Pay is negotiable with excellent perks and benefits. Relocation assistance is available to the right candidate. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

****

Jim Thompson is back again...with a new book on a taboo subject: the personalities in the pulp & paper industry. Jim has written in the past on many subjects based on his four plus decades in the worldwide pulp and paper industry. This new book is packed full of information valuable to the senior member of the industry as well as the recent entrant. A must for every pulp and paper library.


Printer-friendly format

 





Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: