ND Paper LLC Completes Acquisition of Resolute Forest Products Recycled Pulp Mill in Fairmont, West Virginia
November 2, 2018
OAKBROOK TERRACE, Ill. (News release) -- ND Paper LLC, a wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited, today completed its acquisition of the Fairmont, West Virginia recycled pulp mill from Resolute Forest Products Inc., as announced in August. Under the terms of the asset purchase agreement, ND Paper paid U.S. $62 million in cash.
"We are pleased to complete this acquisition and welcome the Fairmont employees to the ND Paper team," said Ken Liu, group deputy chairman and chief executive officer of ND Paper. "The portfolio of Fairmont pulp grades aligns exceptionally well with our long-term strategy of environmentally-sustainable papermaking."
The Fairmont mill manufactures and distributes recycled pulp used in a wide range of products, from packaging to tissue paper. Located in the northern part of West Virginia, the mill has an annual production capacity of approximately 218,000 metric tonnes, and is one of only three in the world that produces air-dried recycled pulp.