Thursday, March 7, 2024

Stationers in Turmoil – February 2024 M&A Activity


The Stationers across the country are up in arms! Shock waves hit this specialty corner of the printing industry on Valentine's Day, certainly ironic timing for printers and print distributors that specialize in messages beautifully printed on beautiful paper. Workers at the Crane Stationery division of Mohawk Fine Papers were notified the day before Valentine’s Day that they were laid off effective immediately. Social media buzzed among the stationery cognoscenti that the employees were locked out of the company and their email was turned off. Remote workers received the same message via a FedEx letter. The Crane website went offline, except for the cryptic message “We are Taking a Moment to Reflect” and a bizarre quote, given the circumstances, from Coco Chanel that “Fashion Changes, But Style Endures.” Orders in progress from designers and printers that rely on Crane came to a screeching halt. Customers searched, to no avail, for information about when, and if, the company might resume operations and deliver those orders. The event is a small echo of the waves of change roiling the paper industry.

The wave that was the impetus for the Crane shutdown came across the ocean from the Italian papermaker Fedrigoni, which acquired the assets of Mohawk Fine Papers. The Fedrigoni Group is a manufacturer of specialty papers, self-adhesive materials, and RFID solutions. Founded in 1888, the company was acquired by Bain Capital in 2018. Despite the holiday, there was no love in the air when Fedrigoni reached the cold-hearted decision that the Crane Stationery division was not of any interest to them going forward. No funeral notice, no proper burial, just shut it down.

However, there may be more to this than meets the eye at first glance from the perspective of the aggrieved stationers. Fedrigoni made it clear in their press release that Mohawk Fine Papers was facing financial challenges and that they, Fedrigoni, were effectively the white knight in this situation, not the bad guys. In the press release announcing the deal, Fedrigoni noted that the sale process was “initiated by a financial institution, following a period of significant financial distress that affected the U.S.-based company in the past months.” There is no ambiguity in that statement; Mohawk was forced to the marriage alter by its lender and/or equity investors. Further positioning itself as the savior of the Mohawk company, Fedrigoni added that the “transaction entirely cleared the new company from existing indebtedness, allowing to preserve the majority of existing jobs, industrial activities, and customer relationships.” As we know at GAA from our work with financially challenged companies in the printing industry, the sudden shutdown of the Crane Stationery subsidiary may have been an unfortunate, but necessary, sideshow to the main event, which was saving Mohawk Fine Papers as an ongoing enterprise.

Crane Stationery has its own storied past. Its founder, Stephen Crane, participated in the Boston Tea Party, and Paul Revere used Crane paper for his engraved banknotes which helped finance the American Revolution. Shortly thereafter, Crane was printing currency and many other types of official documents. After a long and winding history that eventually led to the formation of the Crane Currency company, the manufacturer of specialty papers used to print paper money for more than 50 countries around the globe, the company was acquired in December 2017 by Crane Co. a similarly named but unrelated global engineered technology and manufacturing company best known for its ubiquitous toilet fixtures found in millions of homes, offices and factories. However, separate from the manufacturing of the currency papers, the rights to manufacture the well-known Crane’s Bond, a wonderful 100% cotton writing paper, had been sold off to Neenah Paper back in 2009. (For more, see The Target Report: Will the Real Crane Please Stand Up? – December 2017.)

In one more twist of the Crane legacy, in April 2018, Mohawk Fine Papers purchased Crane Stationery, including the printing operation in North Adams, Massachusetts. When Covid hit the country in 2020, the social events that drove the invitational business of Crane Stationery were canceled. Mohawk management then got into a spat with the Governor of Massachusetts over the essential nature of its printing business and the decisions about operating the plant. The Covid shutdown came shortly after the bankruptcy of Crane’s largest single customer, Schurman Fine Papers, the parent company of Papyrus mall-based retail stationery stores. Mohawk decided to close the Massachusetts factory, laid off over 200 employees and moved the remainder of the business to its Cohoes, New York, operation.

There may yet be redemption for the Crane Stationery company and its customers. WPS Holdings, an upstate New York investment firm, has announced plans to acquire and restart the Crane Stationery company. As of this date, the deal is not definitive as WPS attempts to extricate and separate the Crane business from Fedrigoni’s Mohawk Fine Paper company.

Mills and Converting Plants Closed

The papermaking industry continues to rationalize production capacity and capabilities. Announcements in February brought down the curtain on several other facilities. Mohawk’s converting plant in Ashtabula, Ohio, midway between Erie and Cleveland, was also hit in the Fedrigoni Valentine’s Day massacre. Employees there learned at the end of their workday that their jobs were eliminated, effective immediately and that the plant was shutting down permanently at the end of the week. In its letter to the dismissed employees, Mohawk indicated an exemption from the 60-day WARN Act advance notice requirement due to “very recent and unforeseen circumstances” which is often an indication that the company doing the layoffs is under significant financial stress, known as “faltering” in WARN-Act speak.

Canadian papermaking company Cascades announced that it was closing three facilities that it deems no longer competitive now that its facility in Bear Island, Virginia, is up and running. The recently idled corrugated plant in Trenton, Ontario, will be permanently closed. Two corrugated converting facilities, in Ontario and Connecticut, will be closed as well. The announcement was not one of doom and gloom, however, but rather a message of repositioning production into other facilities, including Bear Island, with available capacity and more modern equipment.

Paper Mill Changes Hands

In an expression of faith in the future prospects of fiber-based packaging, Clearwater Paper acquired the bleached paperboard facility in Augusta, Georgia, from Graphic Packaging. The transaction value was reported as approximately $700 million, based on adjusted EBITDA of $100 million. Clearwater justified the price paid with its projection that EBITDA would reach $140 to $150 million annually by the end of 2026.

Clearwater Paper was founded in 2008, as the papermaking spin-off from the Potlatch Corporation. Having jettisoned its papermaking operations, Potlatch fully transitioned itself into a timberland real estate investment trust with timber sawmill operations. The Clearwater name was not new to the industry – Potlatch traces its roots back to 1900 when Frederick Weyerhaeuser and a group of investors founded the Clearwater Timber Company to purchase prime white pine lands in North Central Idaho. The Clearwater name was retired in 1931 when the Great Depression forced the merger of several companies into the consolidated Potlatch Forests company.

Freed from the Potlatch forest operations, Clearwater Paper acquired tissue product companies and is now a leading provider of tissue products for many private label store brands, as well as paperboard products used in packaging. Gone from the company’s product roster are the fine printing paper grades of yore that Potlatch produced. Potlatch’s printing papers included my go-to coated sheets back in my printing operations days: the workhorse number one paper Vintage Velvet, and the wonderfully smooth and true-white premium paper, Quintessence Dull.

Paper Industry Transition

Papermaker Nekoosa, headquartered in Kimberly, Wisconsin, announced the launch of its new Dye Sublimation Transfer Paper. The specialty substrate is designed to take advantage of the growth in the dye sublimation printing process. The new paper works to transfer digitally printed images to hard surfaces including ceramics, metal, glass, wood, and fiberglass, as well as fabrics used in apparel, flags, banners, and signs. The new product is paper used for printing, yes, but it is not paper for printing brochures and the like. Instead, the new paper is used for the dye sublimation process of printing on everything else. (For more, see The Target Report: On-Product Printing Promotes & Protects – October 2023.)

It remains to be seen what additional changes will be made by Fedrigoni at Mohawk. Unlike the discontinued Potlatch coated sheets, my favorite uncoated paper, Mohawk Superfine, is still in production. However, we can say with confidence that the acquisitions, plant closures, repurposing of mills, and introduction of new paper products supporting new printing technologies will continue as the industry accommodates the changes in the printing and packaging industries. (For more, see The Target Report: Paper Industry in Transition – May 2022.)
   
2024 February - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries

Deal Party #1
(Surviving Entity)
Pre-Deal
Revenue
(US$Mil)


Party #1 Address


Deal Party #2
Pre-Deal
Revenue
(US$Mil)


Party #2 Address
Date
Deal
Public
Deal
Value
(US$Mil)

Deal Structure
(Intermediary)


Notes
Link
Prisma
(Port co. CenterGate Capital)
No Data Phoenix, AZ Spectrum Printing No Data Tucson, AZ 2/29/24 No Data Acquisition Commercial printing Link
Prisma
(Port co. CenterGate Capital)
No Data Phoenix, AZ Capital Printing No Data Austin, TX 2/29/24 No Data Acquisition Commercial printing Link
Image360, Middle River
(New franchisee)
No Data Middle River, MD Image360, Middle River No Data Middle River, MD 2/28/24 No Data Acquisition Wide format printing Link
Brook + Whittle
(Port co. Genstar Capital)
No Data Guilford, CT PouchIt No Data Atlanta, GA 2/26/24 No Data Acquisition Flexible packaging Link
Welch Packaging Group No Data Elkhart, IN Innovative Packaging Solutions No Data York, PA 2/24/24 No Data Acquisition Corrugated boxes & displays Link
Fedrigoni No Data Verona, Italy Mohawk Fine Papers No Data Cohoes, NY 2/23/24 No Data Acquisition Paper manufacturing Link
Crisp Imaging No Data Costa Mesa, CA RGS ReproGraphic Solutions No Data Las Vegas, NV 2/23/24 No Data Acquisition Reprographics & wide format Link
Veritiv
(Port co. Clayton, Dubilier & Rice)
No Data Atlanta, GA Vivabox No Data Rockville, MD 2/21/24 No Data Acquisition Bespoke packaging Link
Jamestown Container No Data Buffalo, NY Midwest Box No Data Cleveland, OH 2/19/24 No Data Acquisition Corrugated boxes Link
Minuteman Press, White Plains
(New franchisee)
No Data Spokane, WA Standard Printworks No Data Spokane, WA 2/19/24 No Data Acquisition Printing & copying Link
Inland Press
(Div. Detroit Legal News Co)
No Data Detroit, MI Graphics East No Data Roseville, MI 2/19/24 No Data Acquisition Commercial printing Link
CJK Group No Data Brainerd, MN Magazine Print Unit, Div. LSC
(Port co. Atlas Holdings)
No Data Warrenville, IL 2/12/24 No Data Asset Purchase Magazine & catalog printing Link
CJK Group No Data Brainerd, MN Kodi Collective, Div. LSC
(Port co. Atlas Holdings)
No Data Nashville, TN 2/12/24 No Data Stock Purchase Marketing execution services Link
Quad $3,220 Sussex, WI DART Innovation No Data Morrisville, NC 2/6/24 No Data Acquisition In-store digital media  Link

   
2024 February - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries



Filing Party

Date
Case
Filed
Pre-Petition
Revenue
(US$Mil)



Case #



Filing Party Address



Circuit



Region & City



Judge



Attorney for Debtor



Notes
Chapter 11 Filings:
No Chapter 11 Filings Found this Month --- --- --- --- --- --- --- --- ---
Chapter 7 Filings:
Ford Press, Inc.
dba Eastern Impressions
2/21/24 No Data 24-11602 West Caldwell, NJ 3rd New Jersey
Newark
Stacey L. Meisel Russell L. Low Commercial printing
Alpha Omega Printing, Inc. 2/6/24 No Data 24-10118 Roswell, NM 10th New Mexico
Albuquerque
Robert H. Jacobvitz R. Matthew Bristol Printing & copying

 
2024 February - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries



Closed Company / Facility

Date of Closure
Pre-Closure
Revenue
(US$Mil)



Closing Address
Related Party Related Party
Address
Date Closure Public


Notes

Press
Releases
Mohawk Paper - Converting facility 2/15/24 No Data Ashtabula, OH Mohawk Paper Cohoes, NY 2/15/24 Paper converting Link
Sheridan Wisconsin - Printing facility 6/28/24 No Data Madison, WI CJK Group Brainerd, MN 2/14/24 Educational book manufacturing
(Formerly Webcrafters)
Link
Crane Stationery 2/14/24 No Data Cohoes, NY Mohawk Paper Cohoes, NY 2/14/24 Stationery printing Link
Cascades - Corrugated Facility Jan-24 No Data Trenton, ON Cascades Kingsley Falls, QC 2/13/24 Corrugated mill Link
Cascades - Corrugated Facility 5/31/24 No Data Belleville, ON Cascades Kingsley Falls, QC 2/13/24 Corrugated converting plant Link
Cascades - Corrugated Facility 5/31/24 No Data Newtown, CT Cascades Kingsley Falls, QC 2/13/24 Corrugated converting plant Link

Wednesday, February 7, 2024

Paper-Based Journalism is Melting Away – January 2024 M&A Activity


The churn in newspaper ownership continues unabated. While some newspapers simply close up, there remains a robust market as local publications are scooped up by new players. As it has always been, newspaper ownership confers a certain position of power and influence on the owners. The allure of being the next William Randolph Hearst is still present, wielding sway over politics, art, and social norms. Billionaires and multi-millionaires are drawn to the newspaper business, despite the risk of financial failure and diminishment of their fortunes.

However, one overriding trend is clear, and that is that eventually time-sensitive news will not be printed. In each and every instance, the new owners understand and articulate the need to transition news from a print-based delivery mechanism to a digital online channel. They are buying printed newspapers as the vehicles to the future of news.

Print & Digital News Compete in Baltimore

The citizens of Baltimore are not yet sure what to make of the latest change at their beloved metro newspaper, The Baltimore Sun. Ownership of the paper’s parent company, Baltimore Sun Media, has flipped again, this time to local businessman David D. Smith. The new owner is the family scion and executive chairman of the Sinclair Broadcast Group, the second-largest owner of television stations in the United States, measured by number of stations owned. The Sinclair Broadcast Group issued a statement that Smith purchased the paper personally, and that the television and entertainment giant was not involved in the transaction to acquire the newspaper. Nonetheless, Smith suggested that future partnership opportunities and synergies between the TV stations and the newspapers were possible.

The ownership of the Baltimore Sun has bounced around for years, and for nearly four decades has not been owned locally. Smith’s purchase changes that. Not only will Baltimore’s newspaper now have local ownership, other Maryland papers, including those serving Annapolis and Towson, were included in the transaction.

Smith partnered with conservative commentator Armstrong Williams to purchase the company. Williams is an author of several books on race relations in America, is a syndicated columnist and hosts a nationally syndicated television program. Williams and Smith have worked together since 2013 on the purchase and sale of multiple television stations, and for a while Williams was principal owner of the largest African-American-owned group of televisions stations in the US. With headquarters in nearby Washington DC, Williams adds to the aura of local ownership conferred in the transaction.

Smith grew up in Baltimore, graduated from Baltimore City College, and has a track record of funding local good government measures aimed at corruption in Baltimore City. Despite his well-known interest in and support of conservative politics, Smith promised that they “have one job, to tell the truth, present the facts, period. That’s our job.” Co-owner Williams noted that “We just want to get back to journalism. We want to show that newspapers can work if you have the right partnership.” The paper’s publisher and editor-in-chief chimed in and expressed his hope that the new ownership will continue the Sun’s tradition of holding city government officials accountable via its investigative journalism, for which the paper has received multiple Pulitzer Prizes.

For those of us in the printing and paper-based industries, the most important aspect of the transaction may rest on Smith’s assertion that he plans to grow subscriptions and advertising for The Sun and the other publications by focusing on local and community news and by “boosting the use of video and social media and integrating technology in ways that other print media companies have been unable to do.” Backroom functions will continue to be provided by Alden’s Tribune Publishing company. No intent to acquire printing assets was mentioned.

Wealthy hotelier and Democratic politician, Stewart Bainum Jr., had previously attempted a conversion of The Baltimore Sun to the nonprofit model. Despite the commitment of $200 million of his own money, the effort failed. In response, he founded The Baltimore Banner, named after the famous star-spangled banner, the flag that flew over Baltimore’s Fort McHenry during the War of 1812 and which gave its name to our national anthem. The Baltimore Banner launched in 2022 with 42 journalists, with plans to eventually employ 100 full-time journalists. The Banner has hired some former Baltimore Sun journalists, as well as a former president of The Economist magazine. The Baltimore Banner is an all-digital publication, no printing or paper required.

Technology Company Acquires Print-Based Businesses

CherryRoad Media acquired the assets of Page 1 Printers*, a combination coldset web and full-color sheetfed printing company located in Slayton, Minnesota. The acquired company served the local newspaper, publication and general commercial print and mail markets. CherryRoad Media, based in Parsippany, New Jersey, was founded in 2020 with the mission to acquire, start-up, and build local news organizations with resident journalists in the communities it serves. Building its network of newspaper via acquisitions by the summer of 2023 to over 80 publications in 17 states, CherryRoad was primed to begin printing its own papers and acquired its first print operations with the purchase of Gannett’s printing operation in Hutchinson, Kansas. The acquisition of Page 1 Printers is the company’s second purchase of an existing print operation and supports CherryRoad’s interest in providing more print products, including color publications, to its network of newspapers.

CherryRoad Media is the newly-formed newspaper publishing division of the much larger CherryRoad Technologies. Founded in 1983 as an information technology company, CherryRoad Technologies is primarily focused on providing cloud-based information and communication services to local governments, public sector services including first responders, K-12 schools and higher education institutions, transportation systems, healthcare networks, as well as select private sector companies.

While certainly not eschewing print, as evidenced by the investment in two printing operations, the CherryRoad Media division clearly envisions that its added-value expertise in delivering digital technology to local organizations will be the connective tissue between the technology parent and the delivery of local news. As stated on its website, the company’s goal “is to bring secure, easily accessible, and affordable digital innovations to the communities where we work, live, and play.” Printed newspapers are the vehicle, digital transformation is the destination.

Alternative Ownership Models Link Print to Digital

Alternative models of ownership of local newspapers have emerged in tandem with the decline in revenues as advertising migrates to digital forms of communication. The Daily Iowan, the independent student newspaper owned by the University of Iowa, purchased two weekly local newspapers from Woodward Communications. The two papers, the Mount Vernon-Lisbon Sun and the Solon Economist, will now be operated under the auspices of the university’s School of Journalism and Mass Communication. With a combined total staff of only seven full-time employees, the acquired papers will get an assist from the more than 100 student journalists that work on The Daily Iowan serving the university’s student population.

Notably, the curriculum at the University of Iowa’s School of Journalism and Mass Communication is replete with courses about the business of media, ethical considerations in journalism, digital and gaming culture, video production, audio production, photography, newscast production, and narrative sports journalism, among other topics. But no courses are listed that focus on the delivery of news via the print medium. The two purchased local newspapers will continue to print weekly editions, and presumably will provide a link to the tradition of ink-on-paper as the next generation of journalists inexorably transition local news to digital media.

In addition to university ownership and partnerships, there are other trials underway in the effort to transform and save the integrity of local news reporting. Some are experiments at big-city papers, such as the switch to nonprofit status at The Salt Lake Tribune. Another alternate model is a sale to the National Trust for Local News, founded specifically to save local newspapers. (For more, see The Target Report: 116 Laps Around Fenway Park, Barefoot – July 2023.) In one model that has gained traction, local public broadcasting stations have acquired local papers, bringing their electronic media expertise to the local news business.

Impact on Printing and Paper Industries

The fate of the newspaper publishing business in Canada has been similar to the decline in the US and hit another failure point in January. Black Press Ltd. filed for creditor protection under the Canadian Bankruptcy and Insolvency Act, shortly thereafter filing for Chapter 15 protection in the US to secure its interests in Hawaii, Alaska, and Washington State. The company plans to restructure its debt and remain in business, publishing its newspapers while working through the insolvency proceedings. The company has lined up a buyer group that has made a stalking horse bid for the 94 newspapers it publishes in Canada, mostly in British Columbia, plus several titles in the US. In court documents, the company noted that it will be cutting costs by consolidation of its print operations.

Paper Excellence, the latest successor in a long line of owners of the Catalyst mill located in Crofton on Vancouver Island, has announced that the mill will indefinitely cease papermaking operations. In October, 2022, Paper Excellence announced the cessation of papermaking at this mill. Canadian federal government funding forestalled the shutdown, but after a two-year delay, it appears that the mill will now cease papermaking for the foreseeable future and operate only as a pulp mill. The machines at the Crofton mill primarily manufactured newspaper grades of paper.


* Graphic Arts Advisors, publisher of The Target Report, served as exclusive advisors to Page 1 Printers in this transaction.

   
2024 January - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries

Deal Party #1
(Surviving Entity)
Pre-Deal
Revenue
(US$Mil)


Party #1 Address


Deal Party #2
Pre-Deal
Revenue
(US$Mil)


Party #2 Address
Date
Deal
Public
Deal
Value
(US$Mil)

Deal Structure
(Intermediary)


Notes
Link
The Daily Iowan No Data Iowa City, IA Mount Lisbon Sun (2 Titles)
(Prop. Woodward Communications)
No Data  Mount Vernon, IA 1/30/24 No Data Acquisition Community newspapers Link
Salem One
(Port co. Granite Creek Capital)
$38.6 Winston-Salem, NC  iTek No Data Concord, NC 1/22/24 No Data Acquisition Commercial printing Link
CherryRoad Media No Data Parsippany, NJ Page 1 Printers No Data Slayton, MN 1/22/24 No Data Acquisition
(Graphic Arts Advisors)
Publication printing Link
BindTech No Data Nashville, TN Eckhart & Co No Data Indianapolis, IN 1/18/24 No Data Acquisition Book binding & finishing Link
Sherburne Partners No Data New York, NY Digital Color Concepts No Data Mountainside NJ 1/17/24 No Data Acquisition Commercial printing Link
David D. Smith No Data Baltimore, MD Baltimore Sun Media
(Prop. Alden Global Capital)
No Data Baltimore, MD 1/16/24 No Data Acquisition Regional newspaper Link
Winbrook No Data Billerica, MA Brandmark Creative No Data Mashpee, MA 1/12/24 No Data Acquisition Managed print & promo Link
Thrive Screen Printing No Data Phoenix, AZ Night Owls Print Shop No Data Houston, TX 1/11/24 No Data Acquisition Screen printing apparel Link
Pressworks No Data Plain City, OH Post Printing No Data Mister, OH 1/10/24 No Data Acquisition Commercial printing Link
Max Solutions
(Port co. Jefferson Capital Partners)
No Data Bristol, PA Bellwyck Packaging No Data Toronto, ON 1/8/24 No Data Acquisition Folding cartons & labels Link
Digital Print Solutions No Data Richfield, OH Americas Print Show No Data Cleveland, OH 1/4/24 No Data Acquisition Printing industry trade show Link
Vivid Impact No Data Louisville, KY Impressions No Data Louisville, KY 1/3/24 No Data Acquisition Commercial printing Link
Mittera $572.4 Des Moines, IA Brooke Graphics No Data Elk Grove Village, IL 1/3/24 No Data Acquisition Dye sublimation printing Link
Crisp Imaging No Data Costa Mesa, CA DRSi / G&H Print No Data Bellevue, WA 1/3/24 No Data Acquisition Reprographics & wide format Link
Flywheel Brands No Data Hixson, TN Dynamic Decals / Bespoke Printing No Data Hixson, TN 1/3/24 No Data Acquisition Commercial printing & promo Link
Runbeck Election Services
(Port co. Black Mountain)
No Data Phoenix, AZ Global Mobile No Data Atlanta, GA 1/2/24 No Data Acquisition Voting software app Link

   
2024 January - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries



Filing Party

Date
Case
Filed
Pre-Petition
Revenue
(US$Mil)



Case #



Filing Party Address



Circuit



Region & City



Judge



Attorney for Debtor



Notes
Chapter 11 Filings:
Dusobox 1/29/24 No Data 24-00391 Orlando, FL 11th Middle FL
Orlando
Tiffany P. Geyer Michael A. Nardella Corrugated cartons & displays
Flawless Screen Printing, LLC 1/15/24 No Data 24-50019 Morgan City, LA 5th Western LA
Lafayette
John W. Kolwe Thomas St. Germain Screen printing apparel
Chapter 7 Filings:
Charis Books, LLC 1/29/24 No Data 24-10170 Abita Springs, LA 5th Eastern LA
New Orleans
Meredith S. Grabill Wayne M. Aufrecht Self-publishing book printer
Mail Print LLC 1/20/24 No Data 24-10280 Las Vegas, NV 9th Nevada
Las Vegas
Natalie M. Cox Guinness Ohazuruike Printing & copying
Chapter 15 Filings:
Black Press Ltd.  1/15/24 No Data 24-10044 Surrey, BC 3rd Delaware
Wilmington
Mary F. Walrath Stanley B. Tarr Newspaper publishing & printing

   
2024 January - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries



Closed Company / Facility

Date of Closure
Pre-Closure
Revenue
(US$Mil)



Closing Address
Related Party Related Party
Address
Date Closure Public


Notes

Press
Releases
Paper Excellence - Papermaking operations Jan-24 No Data Crofton, BC Paper Excellence Group Richmond, BC 1/25/24 Papermaking mill Link
Quad/Graphics - Printing facility 5/4/24 No Data Saratoga Springs, NY Quad Graphics Sussex, WI  1/22/24 Magazine & catalog printing Link
Quad/Graphics - Mail processing facility 2/24/24 No Data Bolingbrook, IL Quad Graphics Sussex, WI  1/22/24 Mail processing & logistics Link