SP Fiber Technologies LLC (SPFT) has bought SP Newsprint Co. for an undisclosed amount.
The newly formed SPFT said in a news release it acquired substantially all of the assets and certain liabilities of SP Newsprint and its subsidiaries in a court-approved sale. SP Fiber will locate its headquarters in Dublin, Ga., where SP Newsprint operates one of its mills. The other is in Newberg, Ore.
SP Newsprint also has two wholly owned subsidiaries in Atlanta, SP Recycling Southeast LLC (SPRS) and SP Recycling Northwest LLC (SPRN). The operations do recycling of recovered paper and other recovered commodities in the Southeast and the Northwest. The two recycling companies collect, process and ship material from 21 processing facilities in nine states, SP Fiber said.
Jay Gurandiano will serve as chairman, president and CEO. He has held senior management positions at Smurfit-Stone Container Corp, and founded St. Laurent Paperboard, a specialty packaging paperboard and converting company. He has put together a senior management team of industry managers to lead the new company.
"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,” Gurandiano said.