UPDATE: On Feb. 7 Standard & Poor's cut Paperworks' credit rating from B to B- and warned of further cuts and bond defaults due to "sluggish demand" and "weaker-than-previously-expected" cash flow after Sun refinanced the company's debt last year. More in my column in today's Inquirer here.
The paper mill on Flat Rock Road in Manayunk, one of the oldest industrial sites in Philadelphia, has been traded back and forth by at least half a dozen companies in the past 30 years, from the old Container Corp. of America to bankrupt Jefferson Smurfit.
Current owner Sun Capital, the Florida-based firm headed by Marc Leder, a leader in the group that bought the NBA Philadelphia 76ers last year, in 2008 made Manayunk the flagship plant and corporate headquarters for a reorganized group of formerly bankrupt paper plants called Paperworks Industries.
Under boss Thomas Garland, Paperworks began buying up paperboard and packaging plants across the country. Garland told me last year the firm planned to keep growing under Sun for at least three to five more years.
But Garland left Paperworks last month, no reason given; and now Paperworks is being split into separate paperboard (including Philadelphia) and packaging divisions, in order to "improve efficiency and streamline service," temporary boss Richard F. LeBlanc PhD said in this statement last week.
Does that mean the mills will be for sale again? No additional comment, so far.
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