Smurfit-Stone Container Corp. signed a letter of intent to transfer ownership of its newsprint mill in Oregon to the management and stock ownership plan that represents the mill’s employees.
Terms of the deal were not released, but it is expected to close by the end of the first quarter.
The transfer of the Oregon City, Ore-based mill to KPS Special Situations Fund L.S. completes Smurfit-Stone’s exit from the newsprint business, which had been identified as a non-core business slated for divestiture.
The company, which makes paper packaging, sold its other newsprint mill in Newberg, Ore. during the fourth quarter of 1999.
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