Nine Dragons completes acquisition of Catalyst Paper mills
For Rapids City Times
BIRON — ND Paper LLC, a wholly-owned subsidiary of Nine Dragons Paper Limited,has announced the completion of its acquisition of the Biron and Rumford, ME, pulp and paper mills from Catalyst Paper Corporation, as announced on May 25. Under the terms of the definitive agreement, ND Paper paid a total consideration of $175 million. The acquisition is expected to add to the earnings per share for Nine Dragons’ performance in the second half of the 2018 calendar year.
“We are very excited about the new products, team members, and new business opportunities we can create with this acquisition,” said Ken Liu, CEO of ND Paper. “We look forward to working with the teams and local communities in Maine, Wisconsin, and Ohio to expand our industry leadership globally.”
The Rumford and Biron mills have a combined manufacturing capacity of nearly 900,000 metric tons across five paper production and two kraft pulping lines. The mills produce coated one-side, coated freesheet, coated groundwood, and hardwood and softwood market pulp grades for a diverse base of global customers.
The employees of Rumford and Biron, as well as the associated staff in Dayton, OH, will join ND Paper.