— Appleton Coated announced Friday it has been acquired
by Virtus Holdings LLC, a company formed by members of
its management team.
Virtus Holdings purchased the company from a subsidiary
of Sequana SA, which had been the company’s ultimate
parent, according to the announcement. The company will
continue to operate under the name Appleton Coated LLC,
with no substantial business, personnel or operational
changes planned for the immediate future, according to
“We are excited about our plans for the future of the
company and are very grateful to our customers,
suppliers, and employees who have stood with us through
the sales process,” said Doug Osterberg, Appleton
Coated’s chief executive officer, in a statement.
“Additionally, this now makes Appleton Coated an
To assist the management team with the acquisition, the
Wisconsin Economic Development Corporation is providing
Appleton Coated with a $4 million loan for the purchase
of equipment, according to the announcement.
Under the terms of the loan, Appleton Coated must keep
the existing 570 jobs and create 27 new jobs. Up to $1
million of the loan may be forgiven depending on how
many jobs are created and retained over the next five
“WEDC is pleased to play a key role in helping the
management team of Appleton Coated ensure that the
company remains successful for years to come,” said Reed
Hall, secretary and CEO of WEDC, in a statement. “The
paper industry is a critical part of the past, present
and future in the Fox Valley, and WEDC’s support will
help ensure the industry’s strength.”
Appleton Coated’s corporate headquarters and
manufacturing facility are located in Combined Locks.
The manufacturing facility has an annual production
capacity of 400,000 tons on three paper machines, and an
adjacent coating and finishing complex with processing
capacity of 280,000 tons.