Menasha, July 6th, 2010– Mondi Akrosil LLC has entered into an Asset Agreement with Nitto Americas regarding their recently discontinued facility (to be named Mondi Kenosha) in Pleasant Prairie, Wisconsin. The transaction is subject to the normal procedures and conditions, including completion of the due diligence process and regulatory clearances.
Thomas K. Schäbinger, CEO of Mondi Coatings, said that “this acquisition enables Mondi Kenosha to add nearly 4.8 billion square feet (450 million equivalent square metres) of highly competitive capacity and it will complement the existing facilities in Menasha, Wisconsin and Lancaster, Ohio. This investment proves, once again, Mondi’s commitment to the growing North American release liner market and will enable us to increase the pace and quality of our service.”
Mondi will purchase the 168,000 square foot building, 60 acres of land, and other outstanding assets. The new state-of-the-art facility provides ample room for expansion and is an excellent value in terms of building, land and coating assets, initially including two flexible, high-speed coating lines. “This deal benefits our customers with a broader product portfolio and shorter delivery times”, notes Mark Rostagno, VP Mondi Akrosil.
Mondi intends to develop the Kenosha facility into Mondi’s leading plant for specialized release liners in the rising US market and beyond. “This investment supports our goal of becoming the leading merchant release liner supplier in North America – this capacity increase has become necessary to meet customer service level expectations in our expanding business”, explains Thomas K. Schäbinger.