ND Paper LLC, a U.S.-based subsidiary of Hong Kong-based Nine Dragons Paper (Holdings) Ltd., completed its acquisition of the recycled pulp mill from Resolute Forest Products Inc. in Fairmont, West Virginia. The company, based in Oakbrook Terrace, Illinois, had announced plans to purchase this mill in August.
Under terms of the asset purchase agreement, ND Paper paid $62 million in cash for the Fairmont mill, according to a ND Paper news release.
“We are pleased to complete this acquisition and welcome the Fairmont employees to the ND Paper team,” says Ken Liu, group deputy chairman and CEO of ND Paper, in a company news release. “The portfolio of the Fairmont pulp grades aligns exceptionally well with our long-term strategy of environmentally sustainable papermaking.”
According to ND Paper, the Fairmont mill manufactures and distributes recycled pulp used in a range of products, from packaging to tissue paper. Located in the northern part of West Virginia, ND Paper says the mill has an annual production capacity of about 218,000 metric tons (or more than 240,300 short tons) and is one of only three in the world that produces air-dried recycled pulp.