TORONTO (Scrap Monster): Catalyst Paper Corporation’s Biron, Wisconsin mill has launched an entire range of new flexible, lightweight food packaging solution. Branded as LEAP, the packaging paper is specially designed for complete food packaging applications from flat or pinch bottom bags and poly and adhesive laminated products to sugar packets, refrigerated & frozen foods and ice cream treats.
According to company press release, the LEAP family products deliver enhanced features not only in appearance, but also in performance and sustainability. The products provide a full range of print options and are designed to entirely meet the converting and packaging requirements. Being produced from an FDA-compliant mill, these products meet FDA requirements and are food safe compliant. Moreover, the LEAP brands are sustainably produced and possess necessary certification from FSC, PEFC, and SFI programs. The LEAP family of products comprises of Leap Prime, Leap Prime Matte, Leap Prime Litho, Leap Pinnacle, Leap Premier Plus and Leap Premier and will be available in 15 to 50 pounds basis weights.
Brian Boland, Vice President, Specialty Papers & New Product Development at Catalyst Paper stated that the company is tremendously excited to introduce the LEAP family to the market. The new range of products reinforces the company’s commitment to specialty markets, Boland noted. With the strong backing of its ever-enthusiastic sales and customer support team, LEAP products will be able to offer outstanding solutions to its customer’s food application needs, he added.
It must be noted that the company had announced major investment of $2.7 million at its Biron, Wisconsin mill, aimed at improving operational efficiency and reducing environmental impacts. Accordingly, the company had decided to covert the fuel source of Biron’s #4 boiler equipment from high-sulphur coal to natural gas. In addition, it was also decided to modify the TMP boiler to achieve significant reduction in consumption of coal and natural gas.
Catalyst had recently announced successful conclusion of its recapitalization and privatization plan. The plan is expected to help the company to reduce its debt and increase the liquidity. It will help the company to improve its financial strength and act as a big relief for the company which has been struggling to keep pace with the fast changing market scenario. The recapitalization plan is estimated to extinguish nearly $125 million of the principal amount of its debt with minimal impact on any of its trade vendors or suppliers.
The recapitalization process had commenced after the deal to sell Catalyst Paper to India-based Kejriwal Group International (KGI) fell through. In July last year, KGI had entered into a support agreement with four principal securityholders- Mudrick Capital Management, L.P., Cyrus Capital Partners, LP, Oaktree Capital Management, LP and Stonehill Capital Management LLC who owns nearly 79% of the outstanding shares of the company. However, the transaction was not completed.
About Catalyst Paper
Catalyst Paper Corporation is a pulp and paper company based in the Canadian city of Richmond, British Columbia. It operates five pulp mills and paper mills, producing a combined 1.8 tonnes of paper and 500,000 tonnes of market pulp annually. Catalyst Paper manufactures diverse printing papers such as coated freesheet, C1S, coated and uncoated groundwood, newsprint, directory, as well as market pulp. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe. The company is also ranked by Corporate Knights magazine as one among the 50 Best Corporate Citizens in Canada.