SP Newsprint acquisition successful; new packaging component planned

By Caroline Salls

Pittsburgh, Sept. 11 - SP Fiber Technologies LLC has successfully acquired substantially all of the assets and some liabilities of SP Newsprint and its subsidiaries in a court-approved sale, according to a news release.

As previously reported, the $145 million sale of SP Newsprint's assets was approved on Sept. 4 by the U.S. Bankruptcy Court for the District of Delaware.

SP Fiber said it will relocate its corporate headquarters to its facility in Dublin, Ga. The company will operate its mills in Newberg, Ore., and Dublin, Ga. as well as its wholly owned subsidiaries SP Recycling Southeast LLC and SP Recycling Northwest LLC.

According to the release, Jay Gurandiano will serve as chairman of the board, president and chief executive officer of the company. He has held senior management positions at Smurfit-Stone Container Corp. and founded St. Laurent Paperboard.

SP Fiber said Gurandiano will also oversee its recycling businesses.

"SPFT is a well capitalized company with committed and knowledgeable shareholders and an exciting strategic plan to strengthen its place in the newsprint and packaging markets," Gurandiano said in the release.

"The new management team is committed to improve product and service, boost product innovation and build an engaged workforce with an enhanced customer focused culture.

"While newsprint will remain the foundation of the business for the foreseeable future, the company is looking forward to aggressively developing an innovative value-added packaging component to service the paperboard, containerboard and converting marketplaces.

"SPFT will focus on customer service, environmental stewardship and technological innovation."

SP Newsprint, a Greenwich, Conn.-based newsprint producer, filed for bankruptcy on Nov. 15, 2011. Its Chapter 11 case number is 11-13649.

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