November saw a lot of developments at the
NewPage Corporation. Asset sales headlined the month, with two separate projects taking place.
Great Lakes Utilities and Consolidated Water Power Company, a NewPage subsidiary, signed an agreement to sell five of its hydroelectric projects along the Wisconsin River; they include locations in DuBay, Stevens Point, Whiting, Biron and Wisconsin Rapids.
The sale won't close in 2010, as it needs various regulatory approvals, so it won't have an impact on NewPage's corporate results until 2011.
Also in November, NewPage completed the sale of assets at the NewPage Port Hawkesbury mill in Nova Scotia, Canada. The sale had been in progress for some time and recently passed all needed regulatory approvals. The mill was sold to Nova Scotia Power, Inc., which plans to create a 60-megawatt biomass cogeneration facility, at a price of about $80 million Canadian. That amount does go into the corporation's 2010 results.
"The proceeds from the asset sale of the Port Hawkesbury biomass project will enhance year-end liquidity," says David Prystash, senior vice president and chief financial officer for NewPage.
NewPage, headquartered in Miamisburg, Ohio, produces coated paper with mills across the U.S., including in the Upper Peninsula.
Writer: Sam Eggleston
Source: David Prystash, NewPage Corporation
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