Domtar mill sold to Hong Kong investors
Montreal-based Domtar Corp. has sold its Baileyville pulp mill to Hong Kong-based investment group International Grand Investment Corp.
Domtar, which idled the Washington County mill for about a month in 2009, decided to sell the hardwood pulp mill as part of its effort to concentrate on softwood pulp manufacturing, according to a press release from U.S. Sen. Susan Collins. In the statement released this morning, Collins wrote that Domtar CEO John Williams told her the sale would preserve the mill's 300 jobs and bring new market opportunities. In a report yesterday announcing the then-pending sale, the Bangor Daily News said the price was $64 million, and that the new company would be known as Woodland Pulp LLC.
The acquisition is International Grand Investment Corp.'s second U.S. mill purchase this year, and the other mill is located on the West Coast. The company annually brokers more than 800,000 tons of pulp, according to the paper. The Baileyville mill produces about 395,000 metric tons a year.
Go to the article from the Bangor Daily News >>
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