N.Y firms close Madawaska mill deal
Two New York-based investment firms have closed a deal to buy a controlling interest in Twin Rivers Paper Co., which has a paper mill in Madawaska and a lumber sawmill in Edmundston, New Brunswick.
The company announced Monday its executive team, led by Tim Lowe, who previously led the turnaround of the asset management firms' Northern Resources Nova Scotia Corp. mill in Pictou, Nova Scotia.
The executive team will also include CFO Wayne Gosse, vice president of forestry and sawmill operations Jean-Pierre Grenon and Chief Restructuring Officer Adam Levy.
The company says in a press release that it has crafted a 12- to 18-month plan to target lightweight and specialty paper markets, operate more efficiently, expand sawmill operations and lower wood costs.
The mill has been owned by Brookfield Asset Management Inc. since it emerged from bankruptcy in 2010.
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