Twin Rivers Paper Company, a leading producer of specialty paper products, announced today the sale of its Pine Bluff, Arkansas unbleached kraft paper mill to American Kraft Paper Industries, an affiliate of global industrial group American Industrial Acquisition Corporation (AIAC). Terms of the transaction were not disclosed.
Twin Rivers Paper acquired the Pine Bluff kraft paper manufacturing and distribution business from the Mondi Group in 2018. In the six years since acquisition, Twin Rivers invested substantially in the Pine Bluff mill to enhance production efficiency and capacity while expanding its product offering.
“The decision to sell the Pine Bluff mill furthers Twin Rivers’ strategy of prioritizing the growth of our core specialty papers business,” stated Tyler Rajeski, President of Twin Rivers Paper. “With AIAC’s founding principle of investing in the assets it acquires, we are confident the Pine Bluff business and its dedicated managers and employees will realize long-term success. We are working with AIAC to ensure a seamless transition experience for our Pine Bluff employees, customers and suppliers.”
L. M. Levie, AIAC Chairman, commented, “This highly strategic acquisition allows us to substantially expand our production and distribution of a broad range of unbleached Kraft paper. The Pine Bluff business, now known as American Kraft Paper Industries, will collaborate with AIAC’s Canadian Kraft Paper Industries, located in The Pas, Manitoba, permitting us to better serve our domestic and international packaging industry customers with superior speed, quality, reliability, and efficiency. We are committed to meeting our customers’ needs, 24-7-365.”
Citizens M&A Advisory is acting as Twin Rivers’ financial advisor for the transaction.
Twin Rivers Paper Company, headquartered in Madawaska, Maine, is an integrated specialty paper manufacturer producing half a million tons of paper per year for the publishing, label, technical and packaging sectors. The company operates a pulp mill in New Brunswick and diverse paper assets in northern Maine and upstate New York that produce uncoated and coated specialty papers in a broad range of basis weights and finishes.