BOSTON, June 16, 2021 (PRNewswire) -Sappi North America, Inc., a leading producer and supplier of diversified paper, packaging products and pulp, today announced that it will sell its hydroelectric assets on the Presumpscot River in Maine to Dichotomy Power LLC, pending satisfactory completion of regulatory and other approvals. The move is designed to allow Sappi to focus on its core competencies and is consistent with Sappi's recent restructuring of the Westbrook site.
"We are happy to have found a strategic buyer in Dichotomy Power, a company with a wealth of expertise in this area, so that Sappi can continue to focus on its core competencies," said Mike Haws, President and CEO, Sappi North America. "Today's announcement allows us to redeploy resources to further develop our growing businesses."
"Dichotomy Power is pleased to have reached an agreement with Sappi North America, Inc. to acquire their Presumpscot River hydroelectric facilities," said Ian Clark, CEO of Dichotomy Power LLC. "We are proud to carry on a history of successful traditions that started in 1878 with mechanical waterpower. Dichotomy looks forward to investing in the facilities to increase renewable energy production while honoring the commitments made to the agencies, communities, regulators and stakeholders who helped craft the new licenses."
The deal is expected to close by the end of calendar year subject to regulatory and other approvals.
About Sappi North America, Inc.
Sappi North America, Inc., headquartered in Boston, is a market leader in converting wood fiber into superior products that customers demand worldwide. The success of our three diversified businesses – high-quality graphic papers, pulp, and packaging and speciality papers – is driven by strong customer relationships, best-in-class people and advantaged assets, products and services. Our high-quality graphic papers, including McCoy, Opus, Somerset, and Flo, are the key platform for premium magazines, catalogs, books, direct mail and high-end print advertising. We are a leading manufacturer of dissolving pulp with our Verve brand, a sustainable fiber, which is used in a wide range of products, including textile fibers and household goods. We deliver sustainable packaging and specialty papers for luxury packaging and folding carton applications with our single-ply packaging brands, Spectro and Proto, and for the food and label industries with our specialty papers, LusterPrint and LusterCote. We are also one of the world's leading suppliers of casting and release papers with our Ultracast, PolyEx and Classics lines for the automotive, fashion and engineered films industries. Customers rely on Sappi for high technical, operational and market expertise; products and services delivered with consistently high quality and reliability; and, state-of-the-art and cost-competitive assets and innovative spirit.
Sappi North America, Inc. is an indirect wholly owned subsidiary of Sappi Limited (JSE), a global company headquartered in Johannesburg, South Africa, with more than 12,000 employees and manufacturing operations on three continents in seven countries and customers in over 150 countries.
About Dichotomy Power LLC
Dichotomy Power LLC is a New York-based renewable-energy company engaged in the business of acquiring, renovating as needed, and operating hydroelectric assets in the United States, principally in the Northeast. Founded in 2019, Dichotomy creates value for stakeholders by working alongside regulators and local communities to enhance the fundamental value embedded in each operated renewable energy facility while preserving the environmental and social contributions these assets carry.