Twin Rivers Paper Co., a Madawaska-based specialty paper manufacturer, announced that it will acquire the paper-manufacturing assets of the New York-based Burrows Paper Corp.
Terms of the transaction, which was announced on Friday, were not disclosed.
The transaction is expected to close by year’s end. It will expand Twin Rivers’ geographic footprint and product offerings while strengthening its ability to serve a wide array of customers in the lightweight publishing, packaging, label and other technical specialty sectors, according to a news release.
With the deal, four specialty Burrows Paper machines in New York and Mississippi will be added to Twin Rivers’ operating roster.
“This transaction is a ‘win’ for our business, the customers we serve and the communities, both current and future, that we are privileged to call home,” Ken Winterhalter, president of Twin Rivers, said in a statement. “The experienced team joining Twin Rivers shares the commitment to quality, innovation and service excellence that has been our trademark at Twin Rivers.”
State leaders respond
On Friday, Maine Gov. Paul LePage lauded the acquisition, commending Twin Rivers for its efforts to rebrand the pulp and paper industry in the face of declining demand for newsprint and other commodity papers, adding that the “paper industry is not dead”
“Now more than ever, it is important to make sure Maine is competitive in attracting new job creators and retaining existing companies by lowering taxes, reducing energy costs and providing a welcoming atmosphere for businesses and capital investment,” LePage said in a prepared statement.
In a joint statement, U.S. Sens. Susan Collins and Angus King, along with U.S. Rep. Bruce Poliquin, released the following the statement about the acquisition:
“We applaud and congratulate Twin Rivers on this encouraging news, which builds on the company’s decision to relocate research and development from Canada to UMaine’s Target Technology Center with support from the Economic Development Administration.
This acquisition is further proof that the forest economy, with smart investment and innovative research and development efforts, has a bright future.”
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