A US-based manufacturer and marketer of specialty fibers and nonwoven
materials, Buckeye Technologies Inc recently announced to have signed
a definitive agreement to sell the assets and ongoing operations of
its Merfin Systems converting business to the US-based National Tissue
Company, LLC. Merfin Systems, located in North Carolina, the US, is a
converter of towels, tissue and napkins which it sells along with
proprietary paper product dispensers into the away from home market.
National Tissue is a privately owned converter located in Wisconsin,
the US, marketing and selling its broad product line primarily through
small and mid-sized distributors located in the Midwest.
National Tissue's President, Mike Graverson, said, "Merfin is an
excellent fit and will complement National Tissue's core business.
Merfin brings their proprietary dispensing systems and other product
extensions to our basic offering. Adding a second and expandable
operating location is a big step in our strategic roadmap."
Buckeye's Chairman and Chief Executive Officer John Crowe said, "While
it (Merfin) has not been a core business for Buckeye, we have been
pleased with our 15 year ownership of Merfin Systems. We believe this
opens up new horizons for this fine company, and enables Buckeye to
deploy the proceeds into its strategic operations."
He added, "We expect to incur non-cash goodwill and fixed asset
impairment charges of about US$4 million in the October-December 2011
quarter. The sale along with associated liquidation of working capital
is expected to generate approximately US$6 million in cash."
See more here:
Buckeye sells Merfin business to National Tissue
http://www.textileglobal.com/2012/01/buckeye-sells-merfin-business-to-national-tissue.html
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