Employee ownership creates goodwill at Carolina paper mill

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CANTON, North Carolina (CNN) -- Last year, when it looked as though the Champion Paper Co. was going to sell its mill in Canton, North Carolina, employees worried about their jobs. But instead of waiting for the ax to fall, they bought a 40 percent stake in the place, renamed it Blue Ridge Paper and took a 15 percent pay cut.

The gamble -- called an employee stock ownership plan -- seems to have paid off.

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Champion Paper
Blue Ridge Paper Products

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