Another Company Wants To Buy Carthage Specialty PaperboardPosted: Updated:
Ox Industries, a family-owned company out of Pennsylvania, wants Carthage Specialty Paperboard in its portfolio. In business for 20 years, the company operates two recycled paper mills and five converting plants in six different states.
Kevin Hayward, the president and CEO of Ox Industries, said he intended to submit his offer to the bankruptcy court Tuesday. He said he's not looking for public funding or taxpayer assistance.
He also says the offer would be superior to the other one on the table from Human Capital Investments, a company in Washington state.
Hayward tells 7 News Ox Paper would keep the mill in West Carthage running with the union workforce, that Ox would invest in capital equipment needs and repairs immediately, and refocus the mill strategy.
He says Ox has "a proven track record of saving recycled paper mills and re-purposing those facilities. Carthage would be the fifth time Ox has saved jobs and invested in the workforce and the local communities in the last 10 years."
The other offer from Human Capital Investments would create a new company, Long Falls Paperboard. It too would keep the mill running and make improvements, and possibly expand by adding another 30 to 40 jobs at the now-closed James River mill in Carthage.
Carthage Specialty Paperboard declared bankruptcy on February 1. The current management wanted to try to buy the business back, but the management couldn't secure the financing.
Ox Industries and Human Capital Investments will be part of an auction, which will happen late next week. Other companies which may be interested buying the mill have to submit their offer to the bankruptcy court by this Friday.