21 June 2012 - JP Morgan (NYSE:JPM), Citigroup (NYSE:C) and Royal Bank of Scotland (LON:RBS), or RBS, were engaged as joint book-running managers for an issue of USD700m (EUR551m) senior secured notes by Austrian coated fine paper and chemical cellulose
producer Sappi Papier Holding, Thomson Reuters' IFR service reported.
Sappi Limited, a company that produces coated wood-free paper, has received the approval for a USD170m capital project to convert its kraft pulp mill in Cloquet, Minnesota, to chemical cellulose used in textile and consumer goods markets.
The conversion is scheduled to be operational in 2013, and once complete will have a production capability of 330,000 metric tons of chemical cellulose per annum.
Andre Oberholzer is group head of corporate affairs for Sappi Ltd., a global leader in coated paper and chemical cellulose
, with operations in the U.5., Southern Africa and Europe, and sales offices in more than 50 countries, He oversees global communication and brand and reputation management for Sappi from the company's head quarters in Johannesburg.
The contract covers all electrical, control and remote systems communications equipment for the upgrading of Sappi Saiccor's chemical cellulose
operation south of Durban.
With more than 75 years of chemical cellulose
experience, Rayonier Performance Fibers specializes in the most technologically demanding forms or specialty fibers.
* International Paper: Under the chemical cellulose
business, Craig Lichty has been named manufacturing manager, responsible for manufacture and distribution, including wood yard, pulp brown, the bleach plant, drying and shipping.
The contract, valued at SEK90m, covers engineering, procurement and construction management in connection with the expansion of Sappi's chemical cellulose
production facility south of Durban.
Specialty pulp sales of $106 million were $4 million above the first quarter, primarily due to higher chemical cellulose
shipments and product mix and improved fluff pulp prices, partially offset by lower fluff volume.