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الموضوع في 'السوق الأمريكي للأوراق الماليه' بواسطة gladiator4all, بتاريخ ‏6 ديسمبر 2005.

  1. gladiator4all

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    ‏8 نوفمبر 2005
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    Badger's new owner is optimistic

    Paper company closed in mid-October


    PESHTIGO — The new owner of the former Badger Paper Mills Inc. is optimistic the company can again be successful.


    "We are going to turn this and make this into a successful process," said Geza Verik, president and chief executive officer of Bomarko Inc. of Plymouth, Ind.


    Peshtigo Mayor Dale Berman said Thursday he was elated by the turn of events at Badger, long the city's premier employer. The paper mill ceased operations in mid-October.


    "The new ownership is totally aware of that type of market and he's been in this thing a long time," Berman said. "They are very upbeat about it."


    Verik said he's been in contact with the company's customers and vendors in anticipation of restarting operations.


    Badger assets were acquired by former majority shareholder James Azzar of East Grand Rapids, Mich., in mid-November. The company was in receivership. Badger's lenders had forced the company into selling assets to settle debts after the company defaulted on credit agreements.


    Bomarko is also owned by Azzar, and is the largest division in his holdings.


    Verik said the paper mill in Peshtigo, now known as BPM Inc., is in the process of hiring up to 40 employees and expects to begin operations in a couple of weeks.


    At one time, Badger employed 450 people. It laid off about 100 employees when the mill closed in October.


    Verik said the mill will produce tissue and wrapping, food-grade, confectionary and twist wrap paper.


    The mill will restart its Yankee paper machine immediately. The Fourdrinier paper machine will not be restarted now.


    "The Fourdrinier is something we will keep in our hip pockets," Verik said.


    The company announced in June it would shut down the Fourdrinier at the cost of 100 jobs, hoping it could get buy with just the Yankee machine and its Oconto Falls operations.


    BPM Inc. advertised for all positions and received more than enough applications, Verik said. He said former employees will be hired, though they will no longer have union representation.


    "We've gotten a tremendous response. The mill will be run by the same folks in place before," he said.


    The flexible packaging operation in Oconto Falls, now known as BPM Converting Inc., managed to keep operating after the mill shut down, Verik said. That operation will have 25-40 employees.


    Each will operate as an independent company in the Bomarko family, though they will continue to cooperate as before.


    Bomarko was founded in 1963. It is a niche supplier of specialty coating and flexible packaging.


    "We are not the biggest player, but we are one of the most solid players," Verik said