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Whakatāne Mill will cease production of liquid packaging board and focus on high quality folding box board, carrier board and food service board under new owners.
SIG Combibloc has agreed to sell the mill to a consortium of European and New Zealand investors led by Irishman Dermot Smurfit, a paper and packaging industry veteran.
Over the past two decades Dr Smurfit has turned around several ailing paper mills.
Ian Halliday, who will become chairman of the new venture, says the consortium intends to invest heavily in the mill, which is the only folding box board mill in Oceania.
All senior management will remain with the new owners, and there is also a large Māori workforce.
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