Catalyst Paper Corporation announced today that it has been informed that three of its major shareholders, Mudrick Capital Management, L.P., Cyrus Capital Partners, L.P. and OCM Luxembourg VOF Sarl, a fund indirectly managed by Oaktree Capital (the “Reporting Persons”), have on an individual basis completed Schedule 13D filings with the United States Securities and Exchange Commission disclosing that they are currently engaged in discussions with a third party concerning a potential material strategic transaction involving Catalyst Paper. The Reporting Persons have also reported that there can be no assurance that such discussions will result in the consummation of any such transaction.
The official inauguration of the Paper Machine 3 (PM3) in Changshu, China, was celebrated 12 April. The new paper machine increases UPM’s production capacity in Asia holding true to the Biofore corporate strategy. UPM continues to offer broader, safe and environmentally friendly product portfolios for customers in China and the Asia-Pacific region. It also introduces a revolutionary new manufacturing technology to the whole paper industry.
The UPM Changshu Paper Machine 3 has been carefully designed, from construction to operation and product offering, to meet and exceed the demands and expectations of the market, the society, the environment and the wellbeing and safety of UPM employees. The new paper machine has started production in December 2015. With the new machine the product portfolio of Changshu mill extends to labelling materials and other specialty products. The demand in these segments are forecasted to grow globally, but especially in the Asia-Pacific region.
“In UPM Changshu we will focus on value added, advanced paper products for growing segments in China and worldwide. On this site, we are also introducing totally new, innovative manufacturing technology – not only for China, but for the paper industry worldwide,” said President and CEO Jussi Pesonen in his opening speech.
The PM3 production line and process are very flexible. The line offers a wide range of products from uncoated wood-free papers to advanced specialty products. The swing concept of PM3 greatly improves the efficiency of paper production and reduces energy consumption.
The third production unit at the Changshu mill site strengthens UPM’s position in the Asian market. As part of UPM’s growth investments it facilitates global growth in the labelling and release liner markets. With the new unit in full swing UPM is able to provide better and more comprehensive service in both Asia and the European and North American markets.
A new era of excellence for UPM in China is here.