PaperExchange.com from existing shareholders including The Kraft Group, who will continue to own approximately 10% of the company and Robert Kraft will retain his post as the company's chairman. The transfer of ownership to ICG will give PaperExchange.com added neutrality PaperExchange.com members with added assurance that their information is private and secure. No single paper industry entity can influence the direction of PaperExchange.com to their potential benefit. This neutrality directly benefits PaperExchange.com's large customer base within the estimated $500 billion global paper industry.
The deal solves PaperExchange's looming cash crunch and bolsters it for an expected tough fight against ForestExpress, a rival forest products Net marketplace run by Georgia-Pacific, Weyerhaeuser and International Paper.
PaperExchange withdrew its pending initial public offering as a result of the ICG investment.
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