New Jersey-based company sells stake in paper recycling operations.
The Newark Group, Cranford, N.J., has announced the sale of its minority stake in three recycling companies in Spain and the south of France to the majority shareowner, Spain-based SAICA.
“The sale is a step in Newark’s plans to monetize assets in order to invest in its core businesses,” the company states in an August 2012 news release. “The long-standing and excellent relationship between Newark and SAICA Natur will continue, as the parties have agreed to [honor] recovered paper supply contracts that will provide Newark’s Spanish paper mills with recovered paper under the same conditions as before the sale,” the news release continues.
The European Operations division of The Newark Group had held the minority stakes in the three plants. SAICA Natur S.L., the recovered fiber subsidiary of SAICA, the large Spanish containerboard producer and packaging company, is the new sole shareowner.