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. Click Read More below for additional information.
Ahlstrom-Munksjö takes further steps into the energy storage market and pre-launches Ahlstrom-Munksjö Forticell®, its new platform of fiber-based solutions for energy storage applications.
Electricity is the fastest growing source of energy and demand for energy storage is expected to grow significantly in coming years, driven by vehicle electrification, a shift towards renewable energy, an increasing demand in stationary applications and effective electricity supply chain management.
Fiber-based materials are widely used in energy storage devices and, thanks to the Ahlstrom-Munksjö’s extensive expertise in cellulose, microglass and specialty nonwoven materials, the company is developing a complete range of solutions to its customers.
“50 years of experience serving the automotive industry and a unique set of various technologies put us in a very good position to meet the energy storage industry needs moving forward”, says Daniele Borlatto, Executive Vice President, Filtration & Performance Solutions. “The creation of Forticell® is a milestone into the journey that will lead Ahlstrom-Munksjö to a leading supplier to this market.”
“Ahlstrom-Munksjö already has very strong know how in glass, micro glass, cellulose and specialty nonwovens”, says Bertrand Rupin, Head of Business Development, Energy Storage. “As we move forward on this journey, we will capitalize on the expertise we already have in house to bring to market new attractive product offerings for the various segments of the energy storage market.”
Further details on the product portfolios to be available from the FortiCell® platform will be announced in the third quarter of 2020.