Appleton Coated today said that it has filed a voluntary state Chapter 128 petition for receivership to allow the company’s operations to continue under the supervision of a court-appointed receiver named by the Outagamie County Circuit Court. Company officials said the petition and appointment of a receiver will allow the company to continue operations under the direction of the receiver, who will lead a process aimed at selling the company’s assets to a buyer who will continue operations. “Despite the best efforts of our employees and ownership group and the introduction of new products, this step is the best option at this point,” said Doug Osterberg, Appleton Coated’s president and chief executive officer. “While the company has made significant progress in diversifying its product offerings and entering new markets, the overall business climate is very challenging, and operating under a state court-appointed receiver is the best route to transition the business to sustained profitability.” He said the company’s bank has agreed to fund operations during the receivership and that the business will continue to operate during the transition. He added the company will be able to pay salary and wages and fund benefits for current employees. Click Read More below for additional detail.
The Fedrigoni Group and Mohawk Fine Papers, Inc. have entered into a manufacturing agreement to expand the reach of their specialty papers globally. Shared core values of craftsmanship, innovation, and sustainability make this a natural and valuable opportunity for both organizations. The Fedrigoni Group is the first global player in the manufacture of high added value specialty papers for luxury packaging and other creative applications and world leader in premium labels and self-adhesive materials. Mohawk, founded in 1931, is family owned and operated, manufacturing some of the world’s most recognized specialty papers for designers, consumer brands, and printers. Mohawk’s early innovation in digital printing and sustainability secured its leadership position in these two significant growth sectors.
“The agreement with Mohawk is a further element in our growth strategy in a market with excellent prospects such as specialty papers, especially for luxury packaging, where we intend to consolidate our global primacy. Many synergistic opportunities are also present for our selfadhesive materials division, which will expand its leading position in premium labels for the wine market in the US”, comments Marco Nespolo, CEO of Fedrigoni Group. “This is an important step forward to reinforce our geographical penetration in the United States, where we will directly produce and distribute high value-added papers, leveraging all possible industrial and commercial synergies with our Group. We will also better support the ESG strategies of our clients, especially those in the luxury sector by giving them the option of moving to near shoring rather than global purchasing”.
“We are pleased to build upon our family’s legacy of manufacturing and distributing paper recognized and trusted around the world for the many uses of our customers”, states Thomas O’Connor, Jr. CEO of Mohawk. “Like Mohawk, the Fedrigoni Group is focused on expanding the specialty papers market. Our partnership will allow us to continue our commitment and focus on the development of increasingly high-performing, innovative, and sustainable solutions.”
Further strategic alignment comes from the Crane and Fabriano brands, which produce stationery products that inspire consumers to write, sketch, and paint on some of the most beautiful papers in the world. The two brands will actively participate in this new collaboration and will mutually explore opportunities to grow market share.