Fox River to buy Mead's Gilbert Paper; Will close mill

Fox River Paper will acquire the Gilbert Paper business and assets from Mead. The acquisition will make Fox River the leading US privately owned supplier of premium text, cover and writing papers. Mead will acquire 20% in Fox River through the deal which is expected to close by end of November 2001. Fox River will market the Gilbert brand separate from it's brand but Gilbert's sales, marketing and customer service functions will continue under the Gilbert Paper name. This transaction will enable both the Fox River and Gilbert Paper brands to maintain their individual strengths and prominence in the premium papers segment.