McKinley Paper, the U.S. wholly-owned subsidiary of Bio Pappel, an integrated manufacturer of container board, uncoated freesheets, newsprint, corrugated boxes, cut paper, notebooks, paper sacks and other paper specialities, continues to grow in the U.S. thanks to the acquisition of 100% of Midwest Paper Group from the investment fund IOP.
The acquisition of Midwest Paper Group, a large independent containerboard producer located in Wisconsin with a production capacity of 500 thousand tons annually, fits well with Bio PAPPEL– McKinley and substantially increases its current U.S. containerboard production.
With the acquisition of the Midwest Paper Group, as well as the super plants currently under construction for corrugated boxes, Bio Pappel will achieve a combined annual turnover of more than three billion dollars, while maintaining a low level of debt and a good financial investment rating.
«The acquisition of Midwest Paper Group» states Miguel Rincón, President of the Board of Directors of Bio Pappel, «is in line with our business strategy to continue building a powerful integrated paper and packaging company, convinced that North America (Mexico, USA, Canada) is the best region to invest and create long-term shared value. We enrich our culture and competitiveness by warmly welcoming the people of Midwest Paper operations into the Bio Pappel – McKinley family».
«We are pleased with what the company accomplished during IOP’s ownership period, » says IOP Operating Principal Dave Mackin, who served as Midwest Paper’s Interim CEO and chairman of the board during IOP’s stakeholder period. «The Midwest Paper team successfully executed IOP’s investment operating plan, which included commercial initiatives and operational improvements that turned a once struggling paper mill into a thriving business».
«We’re proud to have invested in a company that we believe advances environmentally friendly products, and we would like to thank the entire management team and workforce at Midwest Paper for their commitment. We believe Midwest Paper is poised for continued success under Bio Pappel’s ownership» concludes Kyle Hood, IOP Managing Director.