Five years ago this week, many in the Strait of Canso area breathed a collective sigh of relief when its largest single employer restarted production after a yearlong shutdown. The reopening of what is now Port Hawkesbury Paper came after a year of legal wrangling and negotiations with the various groups that have a stake in the future of the mill, formerly NewPage Port Hawkesbury, which had shut down when its parent company filed for bankruptcy protection in the United States. It’s a very different company than when it shut down in September 2011. Only one of the mill’s two paper machines — the newer supercalendered machine that produces paper for the magazine and catalogue market — went back into production, cutting the number of employees by about half to around 300. Click Read More below for more of the story.
Neenah Paper, Inc. (“Neenah” or the “Company”) announced today that it had completed the previously announced purchase of the outstanding equity of W.A. Sanders Coldenhove Holding B.V. (“Coldenhove”). Coldenhove is a specialty materials manufacturer based in the Netherlands, with a leading position in digital transfer media and other technical products.
Upon closing, the Company made a cash payment of approximately $45 million. The payment was financed through almost $14 million of available cash on hand, with the balance from incremental borrowing against the Company’s existing global revolving credit facility. Interest rates on the additional short term debt were under two percent.