Forest Resources LLC today announced the closing of its acquisition of Ivex Protective Packaging Corporation (“Ivex Packaging”) from Alcoa Inc.
Ivex Packaging, based in Bridgeview, IL, is one of the nation’s leading specialty and protective packaging manufacturers. Ivex Packaging supplies cohesive packaging materials, single face corrugating material, macerated and poly mailers, specialized food packaging and high-quality print items to a diverse group of manufacturers and distributors throughout North America. The Company manufactures its products in five converting facilities in the United States and Canada.
In connection with its purchase of Ivex Packaging, Forest Resources has also acquired two specialty paper mills from Alcoa. The facilities are located in Peoria and Joliet, Illinois and produce specialty coated and creped papers primarily for use in the multi-wall bag industry as well as a variety of recycled commodity and specialty kraft papers. With these additions, Forest Resources’ Mill Operations now have the capacity to produce in excess of 200,000 tons of corrugating medium and specialty papers.
Larry Richard, President and Chief Executive Officer of Forest Resources, commented, “We are very excited to have concluded the Ivex acquisition and to welcome more than 300 Ivex employees to the Forest Resources family. The acquired assets bring us unique capabilities in the specialty packaging market and we are looking forward to serving Ivex’ loyal customers. In addition, we are committed to reenergizing Ivex’ long-standing commitment to product development and innovation, to enable us to better serve the market with superior packaging solutions for a broad array of applications.”
Richard also announced that Howard Brennan has been named President of the Ivex Packaging division and Jon Pierce has been named Vice President of the Mill Division of Forest Resources.
Forest Resources is a fully-integrated paper and packaging company. It is engaged in waste paper collection, paper production and containerboard manufacturing. With the addition of Ivex Packaging, Forest Resources operates from 11 facilities across North America. Forest Resources is a portfolio company of Atlas Holdings LLC, a diversified industrial holding company based in Greenwich, CT.