Fox River Paper is selling its paper business to Neenah Paper.
Fox River Paper is selling its paper business to Neenah Paper.
Citing strenuous market conditions as the reason for the divestiture, Fox employs a total of 750 people at its four, U.S.-based paper mills.
“We have a very strong team, but in the last decade, we’ve had declining demand, excess capacity and unprecedented cost increases,” the Berkshire Eagle reported CEO Jeffrey Miller as saying. “The decreasing demand based on electronic substitutions people who wrote letters in the past 10 years are using e-mail and that’s a big impact on writing paper. There’s a need for consolidation in this industry, and this is a very powerful combination.”
The acquisition will officially be made in March, and no purchase price has been disclosed.
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