Twenty-Year Saga Of Uncertainty for Appvion Employees Ends with Spring Mill Closing
Analysis by Rick Boston
March 4, 2021
The announcement that Appvion plans to close its Spring Mill plant in Roaring Spring by the end of March ends what has been a turbulent ride for employees since they purchased the company in 2001.
Then known as Appleton Papers, employees agreed to give up a portion of their retirement savings to purchase stock in the company. More than 90 percent of employees participated in the Employee Stock Ownership Plan (ESOP), contributing more than $100 million in retirement savings as a down payment on the $810 million purchase from Arjo Wiggins Appleton. In November 2001, Appleton became employee-o...