DEERFIELD, Ill., Aug. 2 /PRNewswire/ -- Fort James Corporation
(NYSE: FJ) today announced it has completed the sale of its Packaging business
to ACX Technologies, Inc. of Golden, Colorado, for $830 million in cash. The
company announced the agreement to sell this business to ACX Technologies in
April of this year.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990204/CGTH023 )
The facilities sold manufacture folding cartons as well as healthcare and
microwave packaging for many of the nation's leading consumer packaged goods
companies. The Packaging business consists of 12 folding carton converting
plants and a 330,000 ton-per-year recycled paperboard mill in Kalamazoo, Mich.
The folding carton plants are located in Charlotte, N.C.; Garden Grove,
Calif.; Gordonsville, Tenn.; Kalamazoo, Mich.; Kendalville, Ind.; Menasha,
Wis.; Mississauga, Ontario; Newnan, Ga.; North Portland, Ore.; Perrysburg,
Ohio; Portland, Ore.; and Wausau, Wis. These facilities had 1998 sales of
approximately $590 million and employ 2,600 people.
Fort James will include an extraordinary gain on the sale of the Packaging
business, which is now reported as a discontinued operation, in its third
quarter results.
Fort James is a leading international consumer products company, serving
consumers both at home and away-from-home with bathroom and facial tissue,
paper towels, napkins, cups, plates, cutlery and food wrap products. The
company's popular brands include Quilted Northern, Brawny, Dixie, Vanity Fair,
Mardi Gras, Soft 'N Gentle, Green Forest and So-Dri in North America and
Lotus, Colhogar, Tenderly, Embo, and Kittensoft in Europe. In 1998, the
company had sales of $7.3 billion, approximately 28,000 employees and more
than 60 manufacturing facilities in the U.S., Canada and 15 other countries
around the world.
SOURCE Fort James Corporation
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Related links:
http://www.fortjames.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19990204/CGTH023
or PR Newswire Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/457350.html or fax,
800-758-5804, ext. 457350
CONTACT:
Financial, Celeste Gunter, 847-317-5355, or
Media, Mark Lindley, 847-317-5280, both of Fort James Corporation
NOTE TO EDITORS: Copies of today's news release, along with
additional information on Fort James, is available, at no charge,
by calling 888-526 3711. You may also access the company's web
site at Internet address http://www.fortjames.com
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