The Kraft Group invests in Calif. paper mills
The Kraft Group and Schwarz Partners LP, two family-owned and operated companies in the paper and packaging industry, said they have entered into an agreement with International Paper Corp. to buy two containerboard mills in California.
Headquartered in Foxborough, the Kraft Group is the holding company for the Kraft family’s various businesses. One division includes the New England Patriots. A major business for the family is paper and packaging manufacturing and the distribution of forest products.
The mills that the Kraft Group is buying with Schwarz Partners are located in Ontario and Port Hueneme; the two California mills collectively generate about 550,000 tons of linerboard and medium annually.
A press release issued by the Kraft Group and Indiana-based Schwarz Partners did not include financial details of the transaction.
In a joint statement, the Kraft Group and Schwarz Partners said: “This investment represents a generational commitment by both families to the industry. We have been looking for opportunities to grow, and these two California mills are located in what we believe to be a very strategic market for the future of our industry. They represent two assets that would be very difficult, if not impossible, to replicate today.”
Chris Reidy can be reached at reidy@globe.com.
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