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.
Asia Pulp & Paper (APP) Foopak received a Product of the Year Award from Environmental Leader and Energy Manager Today at the annual Environmental Leader & Energy Manager Conference (ELEMCON) on May 14 in Denver.
Recognized for its innovative water-based coating to enhance compostability, Foopak offers a practical alternative to plastic and Styrofoam packaging materials. Its coating differentiates it from products with petroleum-based coating, allowing it to be effective for wet, hot and cold storage. In addition, Foopak is FDA compliant and ISEGA certified for compostability within 12 weeks.
Foopak was also recognized for filling a timely and important need in the consumables space by creating the potential to keep tons of polystyrene and polyethylene-laminate paperboard out of landfills each year. According to data from Asia Pulp & Paper’s 2018 Consumer Trends Report, consumers acknowledge they are willing to pay more for fast food products packaged in sustainable materials, with 35% agreeing they would pay up to 10% more. Foopak meets all requirements to safely manage food products, and effectively meets sustainability goals of consumers and businesses.
The Product of the Year award is an annual program run by Environmental Leader and Energy Manager Today that recognizes the most innovative and successful environment, sustainability and energy products and projects. An independent panel of industry experts judge the entries each year. The winners were selected based on the success of the project, the capabilities of the product and the positive effect on the industry.
“We’re honored to be recognized for our innovative and compostable Foopak product,” said Felix Koh, Senior Vice President and Global Business Unit Head, APP. “It is one of our core business goals to bring sustainable products to market and have a positive impact on the environment.”