Employees Will Use ESOP to Buy Champion Plant

Employees of Champion International's Canton, NC, paper plant plan to use an ESOP to buy their facility. The ESOP will own 40% of the new company, with the rest owned primarily by the KPS Fund. The 2,300 workers will take wage and benefit concessions to help finance the transaction, which is the largest worker-led buyout since the employee buyout of United Airlines. The transaction is scheduled to be completed in May.