Madison Paper mill to change hands
The Finnish parent company of Madison Paper Industries is being acquired by another Finnish company for $1.2 billion.
UPM-Kymmene Corp. is buying Myllykoski Corp., which has owned the paper mill for 32 years, as well as its sister company, Rhein Papier GmbH, according to the Morning Sentinel. UPM will own the companies' seven paper mills in Finland, Germany and the United States when the deal closes in June. Madison town officials said it's too early to say how the ownership change will affect the mill, but Economic Development Director Joy Hikel told the paper she hopes UPM will consider expanding the mill. Madison Paper provided the town $3.7 million in real estate and personal property taxes in 2010, or 46% of the total, making it the town's largest tax contributor. With 239 employees, it's also the town's largest employer.
Myllykoski, which has 2,600 employees worldwide, has struggled financially as of late, with net sales in 2009 dropping nearly 18% compared to 2008. UPM President and CEO Jussi Pesonen said the acquisition will result in greater efficiencies and boost print paper profitability, according to the paper.
Go to the article from the Morning Sentinel >>
Most Recent
Most Recent
Comments