The Gores Group LLC, a Beverly Hills-based private equity firm, announced the official opening of the Cosmo Specialty Fibers mill. The Gores Group led the acquisition of the Grays Harbor County, Wash., high purity cellulose mill from Weyerhaeuser Company, which closed the mill in October 2005.
CSF was reopened in an area that relies on the lumber industry as a large contributor to its economy. With the closure of the Weyerhaeuser mill, the City of Cosmopolis lost 40 percent of its revenue and more than 200 jobs. The Gores Group's investment in the mill will add back those jobs—many of them filled by former Weyerhaeuser staff and over 95% employed from Washington State—while funneling more than $110 million annually into the economy.
“That is our strength,” said Alec Gores, founder and chairman of the Gores Group. “The ability to see a potential investment opportunity not obvious to others and then dive deep and fast with 360 degrees of due diligence that draws on world class, in-house expertise. Our intense analysis showed us that the mill was fully capable of achieving consistently high volumes of top quality acetate production.
“This investment is the definition of marketplace diversity with a pulp feedstock that can be used for clothing, cosmetics, filters, LED screens, cellophane wrap, pharmaceuticals, food processing, and many other products,” Alec Gores added. “The mill can run on biomass and recycled liquors pulled out of the digesting process with very little use of fossil fuel. And it uses Hemlock – not only the best fiber in the world for dissolving pulp, but also a fully renewable resource itself.”
Cosmo Specialty Fibers CEO Mike Entz added, “We are very excited to reopen the mill. The Gores Group is proving that we can create and keep manufacturing jobs in America—where they are needed—and with its operational and financial support, we'll produce outstanding product, bolster the economy and continue to build on America's great manufacturing legacy.”
Cosmo Specialty Fibers, Inc. (CSF), an affiliate of The Gores Group, was created to restore, restart and operate the former Weyerhaeuser Specialty Cellulose Mill in Cosmopolis, Washington.
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