PaperWorks Announces Major New Investments and Expansion of Production Capacity and Innovation Capabilities
PaperWorks is investing $25 million in additional new, state-of-the-art equipment to enhance its North American capacity and innovation capabilities. The equipment will be installed at the company’s Baldwinsville, New York converting facility. The investment will allow the company to maintain a leading position in high fidelity printing and design embellishment capabilities. PaperWorks continues to bring value-added print and design options to customer brands, enabling them to differentiate their products on the shelf and deliver the first moment of truth to consumers.
“This represents another major step forward for PaperWorks in being an innovation leader in the industry and it is an integral part of our strategic plan for the company,” says C. Anderson “Andy” Bolton, President and Chief Executive Officer of PaperWorks. “This new capital investment in printing and finishing technology will expand our innovation capabilities and give us the ability to grow with best in class assets.”
The announcement comes shortly after the investment in new equipment and technology purchased for the company’s Greensboro, North Carolina converting facility. The new equipment at both facilities will improve reliability, increase packaging design and performance opportunities for customers. It will also enhance the company’s cross-border service capabilities.
“We continue to proactively serve our customers by anticipating needs and studying market trends,” says Bolton. “Our investments reflect our growth as a company, and further demonstrate our commitment to innovation. We are confident that this exciting new investment will be highly successful.”
Installation of the equipment will take place in phases starting October 2020 and will be completed by the First Quarter 2021.
PaperWorks is a leading, integrated North American full-service provider of recycled paperboard and specialized folding cartons for packaging applications. The company specializes in providing folding carton solutions for a wide variety of market sectors including food, beverage, personal care, pharmaceuticals, nutraceuticals and medical devices and is also known for its state-of-the art, extended color gamut printing capability, which creates shelf-differentiating graphics.
PaperWorks has invested in state-of-the-art technology over the past three years to upgrade its paperboard mills and folding carton converting plants to be at the forefront of innovation and market differentiation. The company is committed to the highest sustainable forestry and procurement standards. Product certifications include the Forest Stewardship Council (FSC) and 100% Recycled Paperboard Alliance (RPA100). For more information, please visit: www.onepaperworks.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements represent management’s current expectations and are based upon information available to the Company at the time of this press release. Statements in this press release that are not historical or current facts are “forward‑looking statements.” Such forward-looking statements include statements using words such as “anticipate,” “expect,” “believe,” “continue,” “will,” “may,” “estimate,” “assume,” “presume,” “pursue,” “outlook,” “plan,” “goal,” “milestone” and similar expressions. Such statements are subject to a number of risks, uncertainties and assumptions that may cause actual results, developments, or achievements to differ materially from those projected or implied in these statements including, but not limited to, potential limitations on the Company’s ability to maintain contracts and other critical business relationships; risks associated with general economic and business conditions; requirements for adequate liquidity to fund its operations in the future, including obtaining sufficient financing on acceptable terms; other matters related to its indebtedness; and the risk factors and known trends and uncertainties described in the Company’s most recent periodic reports provided to Noteholders.
Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
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