COSMOPOLIS, Wash. - The Gores Group, LLC, a leading Los Angeles-based private equity firm, today announced that it led an investor group that includes Dermot Smurfit, a paper and packaging industry veteran, in the acquisition of the Cosmopolis high purity cellulose mill from Weyerhaeuser Company (NYSE: WY). Terms of the transaction were not disclosed. "The Cosmopolis mill has a wonderful heritage of producing very high quality products and we are delighted to operate this mill alongside a management team that has substantial experience restarting and managing similar mills," said Jordan W. Katz, managing director of The Gores Group. "We are proud to be leveraging our resources to restore the Cosmopolis mill and create new jobs in the Cosmopolis area."
Located in Cosmopolis, Washington, the high purity cellulose (also known as dissolving wood pulp) mill will operate under the name of Cosmo Specialty Fibers, Inc. Gores will commence a complete refurbishment and restart of the mill, the closure of which was announced by Weyerhaeuser in October 2005.