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ENRON TO BUY GARDEN STATE PAPER, ADD PRODUCTS TO EXISTING
ONLINE PULP AND PAPER BUSINESS
FOR IMMEDIATE RELEASE: Thursday, July 13, 2000
HOUSTON -- Enron North America Corp., a wholly owned subsidiary of Enron Corp., announced today that it has reached an agreement, subject to government approvals and other conditions, to purchase Garden State Paper Company, Inc. for $72 million. Garden State Paper, a subsidiary of Media General, is a recycled newsprint mill located in Garfield, N.J.
“Enron is the world’s leading provider of financial risk management services to the pulp and paper industry,” said Mark Frevert, chairman and CEO of Enron North America. “This strategically located mill gives us the necessary physical capability to provide more products to our pulp and paper customers.”
Enron began its pulp and paper business in 1998 and today provides risk management services to both buyers and sellers of pulp and paper products. Enron began offering various financial hedges for the pulp and paper industry over EnronOnline in early 2000.
Enron is one of the world’s leading electricity, natural gas and communications companies. The company, which owns approximately $37 billion in energy and communications assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Fortune magazine has named Enron "Most Innovative Company" for five consecutive years, the top company for "Quality of Management" and the second best company for "Employee Talent." In addition, Enron ranks in the top quarter of Fortune's "Best 100 Companies to Work For in America." Enron’s Internet address is www.enron.com. The stock is traded under the ticker symbol “ENE.”
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For additional information please contact:
Eric Thode
713-853-9053
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