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HONG KONG - May 29, 2018 - ND Paper LLC, a wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited, announced that it has signed a definitive agreement with Catalyst Paper Corporation to acquire the Rumford, Maine and Biron, Wis., paper mills for $175 million. The consideration paid will be satisfied by the Company through its existing cash and bank borrowings.
“We are very pleased to welcome the Rumford and Biron mills to the Nine Dragons family. We are committed to making these mills more competitive on a global scale, while staying true to our core values as an environmentally friendly and socially responsible enterprise with utmost respect for our employees,” said Yan Cheung, Chairlady of Nine Dragons. “We look forward to working with the teams and communities in Maine and Wisconsin as we embark on this next phase of expansion together.”
The acquisition is an upstream integration of the Company’s current business and is an important step in executing the Company’s global fiber sourcing and customer strategy. The acquisition is expected to generate significant benefits for both the mill sites and Nine Dragons:
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