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SP Newsprint Examines Its Options
May 19, 2007 By: Packaging online staff Official Board MarketsSP Newsprint, Atlanta, a privately held producer of newsprint, has engaged TD Securities LLC to explore strategic alternatives to maximize value and position the company for continued long-term success. It will consider a range of options, including the potential sale of the company and SP Recycling Corp., its wholly owned recycling subsidiary.
“While we have delivered strong returns for our owners over time, the newsprint marketplace is evolving,” says Joseph Gorman, president and chief executive officer. ‘The decision to explore various scenarios, including new ownership, will ensure that the company is better able to compete in a newsprint marketplace that is experiencing significant restructuring activity.”
SP is the second-largest producer of 100 percent recycled newsprint and the fifth-largest newsprint producer in North America, with 2006 consolidated sales of $638 million. The company runs two newsprint mills in North America. It is owned in an equal, general partnership by affiliates of Cox Enterprises, Inc., Media General, Inc., and The McClatchy Co.
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