Twin Rivers Paper Announces Sale of Pine Bluff Unbleached Kraft Paper Mill to American Kraft Paper Industries, an Affiliate of Global Industrial Group AIAC

Transaction further advances Twin Rivers’ focus on core specialty papers business

Madawaska, ME (April 30, 2024) – Twin Rivers Paper Company, a leading producer of specialty paper products, announced today the sale of its Pine Bluff, Arkansas unbleached kraft paper mill to American Kraft Paper Industries, an affiliate of global industrial group American Industrial Acquisition Corporation (AIAC). Terms of the transaction were not disclosed.

Twin Rivers Paper acquired the Pine Bluff kraft paper manufacturing and distribution business from the Mondi Group in 2018. In the six years since acquisition, Twin Rivers invested substantially in the Pine Bluff mill to enhance production efficiency and capacity while expanding its product offering.

“The decision to sell the Pine Bluff mill furthers Twin Rivers’ strategy of prioritizing the growth of our core specialty papers business,” stated Tyler Rajeski, President of Twin Rivers Paper. “With AIAC’s founding principle of investing in the assets it acquires, we are confident the Pine Bluff business and its dedicated managers and employees will realize long-term success. We are working with AIAC to ensure a seamless transition experience for our Pine Bluff employees, customers and suppliers.”

L. M. Levie, AIAC Chairman, commented, “This highly strategic acquisition allows us to substantially expand our production and distribution of a broad range of unbleached Kraft paper. The Pine Bluff business, now known as American Kraft Paper Industries, will collaborate with AIAC’s Canadian Kraft Paper Industries, located in The Pas, Manitoba, permitting us to better serve our domestic and international packaging industry customers with superior speed, quality, reliability, and efficiency. We are committed to meeting our customers’ needs, 24-7-365.”

Citizens M&A Advisory is acting as Twin Rivers’ financial advisor for the transaction.


About Twin Rivers Paper Company
Twin Rivers Paper Company, headquartered in Madawaska, Maine, is an integrated specialty paper manufacturer producing half a million tons of paper per year for the publishing, label, technical and packaging sectors. The company operates a pulp mill in New Brunswick and diverse paper assets in northern Maine and upstate New York that produce uncoated and coated specialty papers in a broad range of basis weights and finishes. Customized product development and dedicated technical services support are company hallmarks. With U.S. ownership by Atlas Holdings and Blue Wolf Capital, a sound financial structure and a strong balance sheet that fuels continuous investments in its assets, Twin Rivers Paper offers its customers the security of local product availability and the assurance of long-term viability. For more information, visit

About American Industrial Acquisition Corporation (AIAC)
American Industrial Acquisition Corporation (AIAC) is a diversified industrial group with manufacturing and distribution sites in 24 countries in North America, Europe, and Asia. AIAC has acquired and grown non-core subsidiaries and divisions of Boeing, Siemens, Lockheed Martin, Northrop Grumman, Raytheon, Johnson Controls, Merck, Pfizer, Astellas, Visteon, Carlyle, Ahlstrom, Tolko, Groupe Suez, Groupe Rexel, and many other leading multinational corporations.

AIAC companies serve companies and governmental entities worldwide in all major sectors, including aviation, space, defense, automotive, truck, rail, marine, petrochemical, solar, nuclear, food, confectionary, beverage, civil engineering and infrastructure, commercial construction, mining, dredging, disaster relief, education, medical devices, and pharmaceuticals. AIAC companies manufacture materials, components, assemblies, packaging, equipment, and finished products. In addition, AIAC companies are exclusive, authorized distributors of leading branded industrial and consumer products throughout Southeast Asia, Australia, and New Zealand. AIAC also is a distributor of electrical products throughout France.

AIAC’s global packaging and logistics materials group now includes Canadian Kraft Paper Industries, American Kraft Paper Industries, Epalia, Caisses et Pallets du Massif Central, La Palette Comtoise, and Eurofoil. This group manufactures unbleached kraft paper, new and recycled wooden pallets, and aluminum foil.

For more information, visit: