One of Japan's biggest paper traders and distributors has moved into the American paper recycling market. JAPAN PULP & PAPER CO., LTD. paid an estimated $7.1 million to acquire SAFESHRED CO., INC., a City of Commerce, California company that converts about 22,000 tons of white office-type paper a year into pulp for sale to West Coast paper manufacturers. The new owner hopes to recycle close to 50,000 tons of paper in FY 1999 for revenues of $6.5 million and double that volume within five years. Pulp exports to Japan are a possibility.
An exchange rate of ¥140=$1.00 was used in this report.