ND Paper, a wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited, completed its acquisition of the Old Town, Maine, kraft pulp mill from OTM Holdings LLC, a subsidiary of CVG Inc. on Oct. 19.
Under the terms of the asset purchase agreement, ND Paper acquired the bleached kraft pulp mill, plus approximately 100 acres of real property, for an undisclosed sum, payable in cash.
Prior to its idling in the fourth quarter of 2015, the Old Town Mill manufactured and distributed approximately 155,000 air dried metric tons annually of bleached hardwood kraft pulp, according to an ND Paper news release. After a series of phased capital investments, ND Paper expects the Old Town Mill will restart in the first quarter of 2019 and ultimately produce 275,000 air dried metric tons annually of unbleached kraft pulp.
ND Paper also acquired Catalyst Paper’s Rumford, Maine, and Biron, Wisconsin, paper mills earlier this year in June.
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