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Shanying subsidiary to acquire Verso’s Wickliffe mill
and to enter the US market

23 Aug 2018 − 

China's Shanying International Holdings is entering the US market. The company will take over a former Verso mill and this will be not be its last investment there.

The idled Wickliffe paper mill of US Verso Corporation is to be sold and reopened. According to official documents from the State of Kentucky, Verso signed a sales agreement with Chinese company Global Win Capital Corporation, which is part of the Shanying International Holdings group, on 16 August. Global Win will take over the mill, which has been idle for more than two and a half years, for $16m and plans to put it back into operation by the end of this year. The transaction is expected to be finalised at the beginning of the third quarter.

According to the State Governor, Global Win plans to invest $150m in the Wickliffe site to refurbish it with new equipment and updated technology. The company plans to produce brown paper packaging and pulp at the mill in the future. 500 new jobs will be created, according to the press release.

This will be the first Global Win plant in the USA. The company was founded in 2017 as the US arm of Chinese paper group Shanying International Holdings, which is also the parent of recovered paper merachant Cycle Link.

Global Win makes no secret of its intention to continue to grow in the North American market. A total of $500m is earmarked for strategic investments in the pulp, paper, packaging and waste paper recycling sectors, the company writes on its website. Global Win plans to achieve sales of more than $1bn in the USA by 2020.

Find the entire article and any associated background information in EUWID Pulp and Paper 34/2018 to published on 20 August.

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