Lee & Man bids for mill: union employees not interested.(Stockton Pacific Enterprises)(Brief Article)
Official Board Markets, January, 2005
Late last month Lee & Man, one of the largest containerboard producers in China in terms of production capacity and volume, submitted a bid to purchase Stockton Pacific Enterprises (SPE), a pulp mill based in Eureka, Calif., reports The Eureka Reporter. Terms weren't detailed. PPM Finance is the bank that owns the mill. No other offers to purchase the mill remain.
Stephen Fleischer, SPE's chief executive officer, offered the mill's employees the opportunity to submit a bid to buy the mill but they rejected the offer.
"We did not tell Mr. Fleischer we aren't interested, we just said we are not interested now," states Doug Gingerich, who recently took over as president of the Association of Western Pulp and Paper Workers Union.
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