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Ahlstrom, a global leader in the development and manufacture of high performance nonwovens and specialty papers, will consolidate its nonwoven wiping fabrics manufacturing platform in Italy, with the aim of increasing capacity, efficiency and breadth of product range.

The production of wipes will be located in two out of three existing manufacturing sites: Mozzate and Cressa, while the Carbonate plant will be closed. All the plants are located in the Milan region and belong to Home & Personal Nonwovens business area.

The consolidation will not have any major impact on personnel or cause significant non-recurring costs. The company plans to complete the project by early 2011.

Ahlstrom is a leading manufacturer of wiping fabrics, offering a broad range of materials and technologies for diverse wiping applications. The company manufactures wiping fabrics at its sites across Europe, USA and South America.

For further information, please contact:
Seppo Parvi, CFO, tel. +358 10 888 4768
Jean-Marie Becker, Executive Vice President, Home & Personal Nonwovens, tel. +33 476 45 35 15

Published in European News

Fraser Papers Inc., the Canadian Energy and Paperworkers Union of Canada, the Government of New Brunswick, and other stakeholders, have agreed to the broad terms under which Fraser Papers will proceed to close the sale of its specialty papers business to a company sponsored by the secured creditors of Fraser Papers (Newco).

The agreement included proposed changes to the collective agreements at the company's Edmundston pulp and energy complex which will require ratification on or before March 10, 2010.

The company has filed the agreement with the Ontario Superior Court of Justice, and will work with its secured creditors and Newco to close the sale of the specialty papers business before March 31, 2010.

Under the terms of the purchase agreement, the unsecured creditors of Fraser Papers will receive promissory notes and a 49% common equity interest in the new company. Brookfield Asset Management Inc., a secured creditor, has agreed to convert its secured claim against the company into a 51% common equity interest in Newco while the Government of New Brunswick has agreed to convert its $35 million secured loan plus accrued interest into equity in the form of preferred shares of the new company.

Fraser Papers also announced that the Court has granted a further extension of its creditor protection to April 9.

Published in Financial News