Packaging solutions provider MeadWestvaco Corp. today announced plans to sell its MWV Specialty Papers cedar mill in Potsdam, N.Y., to Potsdam Specialty Paper Inc. MWV Specialty Papers will continue to own and operate its Willow mill in South Lee, Mass. The sale is expected to close in the third quarter. Terms of the agreement were not disclosed.
According to a release, Potsdam Specialty Paper is part of an investment holding company with offices in New York, Hong Kong and Toronto, that has the financial resources to continue growing the business, expanding the product portfolio, investing in the people and facilities, and rapidly expanding the global reach of the business to new customers.
PSPI will be part of a portfolio of global businesses that focus on niche products and markets in the value-added paper and coatings distribution business. Mike Huth, president of MWV Specialty Papers, said he was "very pleased that [Potsdam Specialty Papers] will be part of a fast-growing, global portfolio of specialty products holdings."
Huth added that he is confident that they will be a responsible steward and great asset to the Potsdam community. The mills current management team will remain in place following the sale, and all employees will transition to Potsdam Specialty Paper following the completion of the sale.