Billerud announces a significant development in its strategic direction with the forthcoming sale of the idled Wisconsin Rapids Mill and associated assets to Capital Recovery Group, LLC (CRG, LLC). This decisive move follows an exhaustive evaluation process since the mill's idling in July 2020 and is anticipated to be finalized in April 2024.
Tor Lundqvist, Billerud's Deputy President and Senior Vice President of Operations for North America, affirms that this decision aligns with the company's core objectives, emphasizing a focus on sustainable growth and resource optimization. The sale represents a strategic step to realign resources and drive long-term value, with Billerud maintaining its commitment to owning and operating the Wisconsin Rapids Converting Facility.
The Wisconsin Rapids Converting Facility holds pivotal significance in Billerud's operations, serving as a crucial hub for converting paper rolls from its Michigan mills and imported cartonboard from European mills into folio and digital sheets. This strategic positioning enables Billerud to efficiently cater to its customer base with exceptional products and services.
Kevin Kuznicki, Billerud's President and General Counsel for North America, acknowledges the dedication of the Wisconsin Rapids team and community throughout the strategic exploration process. He expresses gratitude for their support and underscores Billerud's commitment to community involvement and partnership, ensuring the retention of over 130 jobs in the area.
Ahead of the transaction closure, CRG, LLC has been authorized by Billerud to conduct a public auction for select idled and obsolete equipment, further optimizing resource utilization.
The sale of the Wisconsin Rapids Mill and associated assets underscores Billerud's adaptability and strategic evolution within a dynamic business landscape. The company remains steadfast in delivering value to stakeholders while actively pursuing avenues for sustainable, long-term success.
