NewPage plans to sell its only Maine mill
NewPage has reached an agreement to sell its only paper mill in Maine, along with a mill in Wisconsin, to Canada-based Catalyst Paper for $74 million.
The Bangor Daily News reported that NewPage’s sale of the two mills, which includes one in Rumford, is contingent on the successful merger of Verso Paper and NewPage.
Some industry analysts have said that Verso’s purchase of NewPage could result in the shedding of some assets to put the merged company in a better financial position, the newspaper noted. Verso plans to close its Bucksport mill by the end of the year.
Joe Nemeth, Catalyst’s president and CEO, said in a prepared statement that the transaction will allow Catalyst to better “serve new and existing customers through operational synergies and a more diversified and higher value suite of products.”
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