Stone Completes Acquisition Of IP?s Kraft Papers Business

Feed: 4 - Date: 1/26/2007 - Views: 1,070

Stone Arcade Acquisition Corp. recently announced it has completed the acquisition of International Paper';s kraft papers business and will change

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Northfield, IL - Stone Arcade Acquisition Corp. recently announced it has completed the acquisition of International Paper΄s kraft papers business and will change its name to KapStone Paper and Packaging Corp., which will continue to be headquartered in Northfield, IL. The newly acquired business includes a paper mill in Roanoke Rapids, NC, and Ride Rite, a dunnage bag plant in Fordyce, AR. It was purchased for approximately $155M in cash and two payments totaling up to $60M, payable five years from the close of the transaction. TheRoanoke rapids mill produces some 400,000 tons of kraft paper and lightweight linerboard and the Arkansas plant manufactures about 9 million Ride Rite bags annually. The business employs approximately 700 people.

"The acquisition of IP΄s kraft papers business is an important first step for our company," Stone said. "It provides us with a solid platform from which we hope to expand. We are anxious to continue building on the success of this business while we simultaneously explore strategic acquisitions."

Kaplan added that "we are very excited about the acquisition of IP΄s kraft papers business. The Roanoke Rapids mill and Ride Rite have been successful in creating strong, long-term customer relationships resulting from outstanding quality and service. We believe both businesses are well positioned for the future.?

SOURCE: Stone Arcade Acquisition Corp


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