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Idle FutureMark recycled coated paper mill in Illinois sold in auction to Corrugated Supplies affiliate for $8.2 million

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Idle FutureMark recycled coated paper mill in Illinois sold in auction to Corrugated Supplies affiliate for $8.2 million

January 21, 2015 - 09:35

OAKLAND, CA, Jan. 21, 2015 (RISI) -Alsip Acquisition will sell the idle FutureMark 100% recycled coated mechanical paper mill in Alsip, IL, out of auction to an affiliate of Corrugated Supplies for $8.2 million,Bloomberg reported Jan. 12.

Corrugated Supplies is a manufacturer and distributor of corrugated cardboard sheets based in Bedford Park, IL.

The Alsip bankruptcy process began in late November and was structured to sell the mill to Resolute Forest Products for $5 million, subject to competitive bidding, Bloomberg reported.

FutureMark closed the 165,000 tons/yr Alsip millin September citing "insurmountable market conditions in the North American coated paper market including historic low pricing and unprecedented energy costs."

Alsip Acquisition said collective-bargaining agreements with unionsmust be scrappedto permit the sale.The closure affected 170 workers.