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KapStone Paper and Packaging Corporation Get Okay to Acquire MeadWestvaco Assets
Northbrook, Illinois, USA, 06 May 2008 -- /PRNewswire/ -- KapStone Paper and Packaging Corporation (Nasdaq: KPPC) today reported it was notified on 05 May 2008, by the Federal Trade Commission that early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was granted with respect to KapStone's pending acquisition of substantially all of the assets of MeadWestvaco South Carolina, LLC and MeadWestvaco Corporation used in the manufacture and distribution of unbleached saturating kraft, unbleached coated kraft folding carton board, and unbleached kraft linerboard at MeadWestvaco's paper mill in Charleston, South Carolina, a related lumber mill, and five chip mills, including one on-site at the Summerville lumber mill. The company expects to close the deal by the end of the third quarter of 2008, subject to customary closing conditions including finalization of financing.

On 02 January 2007, KapStone Paper and Packaging Corporation completed the acquisition of substantially all of the assets and assumed certain liabilities, of the Kraft Papers Business (KPB), a division of International Paper (IP). The assets include an unbleached kraft paper manufacturing facility in Roanoke Rapids, North Carolina, and Ride Rite(R) Converting, an inflatable dunnage bag manufacturer located in Fordyce, Arkansas. Before the acquisition of KPB, KapStone, a special purpose acquisition corporation or "blank check company," had no operations.

Headquartered in Northbrook, Illinois, KapStone Paper and Packaging Corporation is a leading North American producer of kraft paper and converter of inflatable dunnage bags. The business employs approximately 700 people.

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