Appvion sold to lender group led by Franklin Advisers

Appleton, WI-based Appvion, Inc. said it had completed the sale of substantially all of its assets to a group of its lenders led by Franklin Advisers, Inc. The transaction will reduce Appvion’s debt, provide additional liquidity and better position it to compete long-term in the evolving specialty paper market and further invest in product innovation.

The total consideration was about $365 million plus the assumption of liabilities including many of the company’s contractual obligations. As well, Appvion and the United Steelworkers Union reached new collective bargaining agreements for its facilities in Appleton, West Carrollton, OH, and Roaring Spring, PA.

George W. Wurtz III, an Appvion director for nearly seven years, is president, CEO and chairman of the new board. Jim Tyrone, an SVP at Appvion from 2010 to 2012, is SVP of sales and marketing.

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