KapStone Paper and Packaging Corp, is adding to its South Carolina manufacturing lineup.
The owner of the former MeadWestvaco paper mill in North Charleston said today it is acquiring U.S. Corrugated, Inc., which has a containerboard mill east of Spartanburg, in Cowpens.
KapStone also is picking up 14 converting plants in the eastern and midwestern U.S. as part of the purchase.
The deal is valued at $330 million. Newark, N.J.-based U.S. Corrugated had sales last year of $423 million.
"This acquisition will increase our exposure to the highly desirable containerboard segment," said Kapstone CEO Roger Stone.
Illinois-based KapStone's flagship operation is the 74-year-old Cooper River mill it acquired from MeadWestvaco Corp. three years ago in a $471 million deal. The acquisition included a Summerville-based lumber business. KapStone's other major manufacturing site is in Roanoke Rapids, N.C.
The company recently was is ranked 20th overall on Fortune magazine's annual list of the 100 Fastest Growing Companies. Also, it took the No. 2 spot in the industrial category.