STEVENS POINT, Wis. (From news reports) - The Stevens Point paper mill will soon be under new ownership.

Thursday, Ahlstrom announced its intent to acquire Pixelle Specialty Solutions.

According to a media release, the Stevens Point location will strengthen Ahlstrom's footprint in its Food & Consumer Packaging segment.

"This step aligns with the company's long-term growth objectives and will deliver more value to its customers and stakeholders," the released stated.

"The acquisition of the Stevens Point operation is a pivotal step in our journey to enhance our technology offerings and expand our solutions and market coverage," says Konraad Dullaert, Executive Vice President Food & Consumer Packaging and Chief Innovation Officer, Ahlstrom. "This business and its highly experienced, top-class team will significantly strengthen our capabilities, enabling us to deliver innovative and sustainable packaging solutions to our customers in North America and beyond. We are excited about the opportunities this acquisition brings and are committed to leveraging these advancements to drive growth."

The transaction will be financed through a committed $600 million senior secured financing package, with any excess available for general corporate purposes.

The organizational change will take effect during the second quarter of 2025.

"Together with the acquisition of Stevens Point, the repositioning of our portfolio is a significant transformational step in our journey to become the preferred sustainable specialty materials company," says Helen Mets, President and CEO, Ahlstrom. "As well as enhancing our leading sustainable solutions offering for customers, we are creating stronger businesses that deliver long-term value for all stakeholders involved."

Pixelle Specialty Solutions has owned the mill since 2020. Previously, it was the Verso Paper Mill.