JOHANNESBURG, June 17, 2014 /PRNewswire/ -- With reference to the announcement made on 30 September 2013 about the future of the Sappi Nijmegen Mill, Sappi wishes to confirm that it has reached an agreement to dispose of the mill to an affiliate of American Industrial Acquisition Corporation ("AIAC"). The new name of the Sappi Nijmegen Mill is Innovio Papers. It will manufacture specialty paper and will no longer be engaged in the coated graphic paper business. A transfer plan is being arranged with current graphic paper customers. The transaction is effective as of 16 June 2014. The disposal is not categorisable in terms of section 9.5 of the JSE Listings Requirements.
NOTE TO EDITORS:Based in New York, NY, AIAC is a group of sixty manufacturing sites with over 9,500 employees in eighteen countries in North America, Europe, Africa, and Asia. Total annual revenues are in excess of US$1.5 billion. AIAC has purchased units of Boeing, Siemens, Northrop Grumman, Lockheed Martin, United Technologies, Ingersoll-Rand, Johnson Controls, Ahlstrom, Novelis, Kodak, Jabil Circuit, and other large public corporations.
Sappi Limited (JSE: SAP), is a global company focused on dissolving wood pulp, paper pulp and paper-based solutions to our direct and indirect customer base in over 100 countries around the world. Headquartered in Johannesburg, South Africa, with over 14,000 employees and manufacturing operations on three continents in seven countries, sales offices in 50 countries, and group sales of US$6 billion. Learn more about Sappi at www.sappi.com.
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