Maine Group Acquires Pulp Mill Complex, Plans Redevelopment

OTM Holdings LLC is the new owner of the former Old Town pulp mill complex, with plans to redevelop the site into a wood-fiber-based complex comprised of multiple tenants. Terms of the purchase from MFGR LLC were not disclosed in the news release announcing the acquisition on Wednesday. OTM Holdings is a joint venture by […]

OTM Holdings LLC is the new owner of the former Old Town pulp mill complex, with plans to redevelop the site into a wood-fiber-based complex comprised of multiple tenants.

Terms of the purchase from MFGR LLC were not disclosed in the news release announcing the acquisition on Wednesday. OTM Holdings is a joint venture by a Maine-based group of companies committed to the revitalization of Maine’s forest based industry.

“The acquisition saves this important asset from the demolition recently experienced at other shuttered mills and the innovative redevelopment program for the mill will have broad economic impacts for the region, provide jobs and support to Maine’s forest industry,” said MFGR LLC partners Bob Maroney of Gordon Brothers and Bill Firestone of CRG in a joint statement.

The redevelopment program envisions a fully integrated fiber-based campus capitalizing on the mill’s energy platform and the region’s plentiful fiber supply.

“This redevelopment is the beginning of what many see as the newest market for Maine’s wood fiber, which transforms the cellulose-based, non-edible fiber and wood waste into clean and affordable high-value fuels, chemicals and milled and engineered wood products,” the new owners stated in a news release.

From MaineBiz: http://www.mainebiz.biz/article/20180201/news01/180209994/maine-based-group-acquires-old-town-pulp-mill-complex

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