19 April 2012
Cutting Edge acquires assets of Baldwin Paper
TORONTO—Baldwin Paper has been bought out after more than 50 years in business, and a new company has risen from the ashes led by former high-ranking staff of the Mississauga-based company.

A court decision on April 16 gave the green light for a management buyout of the former company, said Ron Moore, who was previously chief financial officer of Baldwin and will now serve as president of Cutting Edge Paper, the new entity operating out of the same location.

On Feb. 14, Baldwin Paper lodged a Notice of Intention to file a Proposal with BDO Canada Limited under the Bankruptcy and Insolvency Act. At that time it had creditor claims totaling slightly more than $7.4 million, according to a BDO Canada statement. Moore said following the court decision, one secured creditor was paid.

Cutting Edge, which is also headed by Ivo Marinella, previously operations manager at Baldwin, along with a silent partner, bought all of the assets of Baldwin Paper and its Montreal operation (Papiers Baldwin), explained Moore. "We did an analysis of the Montreal operation, and said it didn't make a lot of sense to keep it running, because we can ship to Montreal from here," he said. "We ended up closing down Montreal and laying off surplus staff. Now we're down to a core staff we can grow with this and focus in Ontario." He didn't offer how many employees were laid off.

"This decision has been a long time coming, and now it's a matter of growing a business rather than struggling all the time," said Moore. "Yesterday we bought a lot of inventory, so we're going to have the inventory we haven't had in a long time."

A statement from Cutting Edge notes, "With this acquisition, (our) expertise and passion for progress, Cutting Edge will offer customers the benefit of MeadWestvaco and other quality packaging solutions."

Bruce Baldwin, formerly president of Baldwin Paper, is not involved in the new operation, confirmed Moore.
Comments:
3. Former Employee says:
7 December 2015 at 3:01 PM
As a former employee (10 years) of Baldwin Paper I can tell you that the mismanagement came directly from Bruce Baldwin. The operations manager and CFO have tried on numerous occasions to talk to Bruce regarding the operations of the business but Bruce wouldn't listen to anyone. At one point the company was doing better but he totally screwed it up. Both Mr. Moore and Mr. Marinella did everything they could to keep the business running and stepped up to save what they could of the company and are now successfully managing it. Litho Guy get your facts straight before you make these kinds of comments, it makes you look like a fool.
2. The Insider says:
10 May 2012 at 9:38 PM
These 2 guys stepped up and saved jobs! They had nothing to do with the way the company was mismanaged which led to its demise. Look on the creditors list - they both got stiffed as well.
1. Litho Guy says:
20 April 2012 at 1:08 PM
So the CFO and Operations Manager are the guys who mismanaged it, and let it flounder, are now heading up a new company without the debt load of the crediters that they stiffed. Classic, wish I could default on my mortgage and then by it back at reduced rate. Sweet deal. I need to speak to them regarding Re financing my debtload. What a joke.
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Shame says:
Zebra Paper was great at making these products at much lower prices - what a sad move....
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