Appleton Coated has reached an agreement to sell its assets to a California-based company that specializes in buying and selling distressed manufacturing companies.
The deal allows the Combined Locks paper mill to resume "limited operations" and for the company to bring some employees back to work.
It also allows the company to be marketed for a longer time so Industrial Assets can find a buyer to continue operations, according to a press release.
“Appleton Coated has long been a valued part of this community and a great job creator. We are thrilled that Industrial Assets shares our vision of protecting the long term viability of the company and I, along with the company’s management team, are very grateful that the parties were able to come together to make this happen,” said said Michael Polsky, the court-appointed receiver for Appleton Coated.
Representatives from Industrial Assets said they are working to find a buyer that will keep the paper mill running and continue employing members of the community.
"We have been approached by several large corporations seeking to operate the manufacturing
site including a new tissue machine project," said Steven Mattes, CEO of Industrial Assets Corp. "We believe the site is also ideal for a co-operative arrangement sharing facilities running noncompetitive grades of paper on this 55-acre site with 1.2 million sq. ft. under roof."
Appleton Coated, which manufactures coated, uncoated and specialty papers among other things, was previously in receivership.
An Outagamie Circuit Court Judge approved the sale on October 5 . The purchase closed on October 10.
VIDEO: 20-year-old woman missing from Appleton