Sappi Nijmegen woodfree coated paper mill becomes Innovio Papers, changes product portfolio to specialty papers.
Sappi Fine Paper Europe, a Sappi Limited subsidiary, has sold its Nijmegen woodfree coated paper mill in the Netherlands. According to Sappi, an agreement has been reached to dispose the mill to an affiliate of American Industrial Acquisition Corporation (AIAC), a New-York based, industrial investment and turnaround group. The transaction is effective as of 16 June. Financial details of the deal were not revealed.
Sappi Nijmegen fine paper mill will operate under the name of Innovio Papers in the future and will "no longer be engaged in the coated graphic paper business," Sappi explains. The new company is said to produce packaging, technical and specialty papers.
The Nijmegen mill operates one paper machines with an installed capacity of 240,000 tpy of coated graphic paper. Almost 200 people are employed at the site.