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News: ■ FiberMark, Inc., Brattleboro, VT, which produces specialty papers, said president A. Duncan Middleton had left the company. Alex Kwader, chairman of the board and CEO, assumed Middleton’s responsibilities. It also said its three top bondholders had reached a settlement under which Silver Point Capital, LP will buy out the claims of AIG Global Investment Corp. and Post Advisory Group LLC. FiberMark hopes to emerge from Chapter 11 status by the end of 2005. www.fibermark.com. ■ Catalyst Paper Corporation is the new name for the former NorskeCanada following the end of a joint venture North American specialty marketing arrangement between it and Norske Skog ASA of Norway. Catalyst has a combined annual capacity of 2.5 million tonnes of mechanical printing papers and market kraft pulp at five mills in British Columbia. www.catalystpaper.com. ■ Rayonier will split its stock in a three-for two transaction and increase its quarterly cash dividend to 47 cents a share on a post-split basis. www.rayonier.com.■ Stora Enso will be majority shareholder in a joint venture in China with board producer Foshan Huaxin Packaging Co. Ltd. Foshan is building a $160-million, 250 000-tonne/year white lined chipboard machine at a site in Zuhai, near Macao and Hong Kong. Stora plans to spend another $90 million to modify the machine to be China’s first machine to produce liquid packaging board for aseptic end uses, as well as other types of board. Short-fiber will be supplied from Brazil’s Veracel, long-fiber from Stora’s Enocell mill in Finland. CTMP will be at first from Stora’s Imatra mill, also in Finland, but the company is studying plans to build CTMP and chemical pulp facilities in China’s Giangxi province, where it has plantations. www.storaenso.com. ■ Blue Ridge Paper Products Inc., Canton, NC, is in a joint venture to supply liquid packaging in Central American and the Caribbean. The new company, Envases Panama, in Panama City, Panama, will produce gable top cartons under licence from Blue Ridge. The current facilities, previously operated under the name of Industrias Panameñas, will be augmented by additional production equipment from Blue Ridge. Blue Ridge also has a strategic alliance with Italpack Cartons, an Italian producer of gable top cartons. www.blueridgepaper.com. ■ PCG Capital Partners, the private equity investment arm of Pacific Corporate Group LLC, a California-based investment management and advisory firm, said it invested about $35 million in subordinated notes and equity in paper and tissue manufacturer, Lincoln Paper and Tissue LLC. Lincoln, ME. Management also invested $1 million in equity. The money will be used to expand tissue production and refinance existing credit facilities. PCG has a non-controlling stake in Lincoln but will have two directors on the board. (See also Supplier Orders/Start-ups in this issue.) www.pcgfunds.com. ■ Kadant Black Clawson Inc. is to upgrade the ONP de-inking system for Ponderay Newsprint Co., Usk, WA, by fitting a custom-designed Hydrapurge™ III detrashing system into the existing line. www.kadant.com. ■ Correction: Michelman, Inc.’s web site address is www.michem.com. |
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