COMBINED LOCKS, Wis. (WBAY) - The purchase of Appleton Coated has been finalized.
The deal closed on Oct. 10. Appleton Coated agreed to sell almost all of its assets to Industrial Assets Corp.
Industrial Assets, which purchases distressed companies, can now seek a buyer for the Appleton Coated facility in Combined Locks.
The company's CEO says it will most likely be in the packaging grade industry, which has seen growth.
"We have been approached by several large corporations seeking to operate the manufacturing site including a new tissue machine project," says CEO Steven Mattes.
Appleton Coated entered receivership in August. At auction, Industrial Assets' bid to purchase the facility was accepted. More than 600 mill employees were immediately laid off as part of the plan.
Michael Polsky, the court-appointed receiver for Appleton Coated, stated in a news release that the sale "represents the best possible outcome that could have occurred."
"Appleton Coated has long been a valued part of this community and a great job creator," says Polsky. "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."
Appleton Coated manufactured coated, uncoated, and specialty paper.
An Outagamie County judge approved the sale on Oct. 5.