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Old 02-14-2011, 04:44 PM
 
Location: Northern Maine
9,767 posts, read 14,896,650 times
Reputation: 9563

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The old Great Northern is now called Brookfield Management. The mills have been sold to a turnaround outfit and they intend to reopen the mills that are down.

Meriturn services

News at 11

 
Old 02-14-2011, 04:57 PM
 
Location: Maine
6,048 posts, read 11,404,840 times
Reputation: 5504
There's interest but are you sure it's a done deal?
 
Old 02-14-2011, 06:07 PM
 
Location: Northern Maine
9,767 posts, read 14,896,650 times
Reputation: 9563
The offer was made and accepted. The deed to the real estate has not changed hands. Gov. LePage is on it.
 
Old 02-14-2011, 06:59 PM
 
Location: God's Country, Maine
2,052 posts, read 4,050,964 times
Reputation: 1295
I heard that today!
 
Old 02-14-2011, 07:29 PM
 
Location: Forests of Maine
30,630 posts, read 49,281,484 times
Reputation: 19009
Re-opening is good right?
 
Old 02-14-2011, 07:41 PM
 
Location: Maine
6,048 posts, read 11,404,840 times
Reputation: 5504
Quote:
Originally Posted by Northern Maine Land Man View Post
The offer was made and accepted. The deed to the real estate has not changed hands. Gov. LePage is on it.
That's the best news that area's had in a long time!
 
Old 02-14-2011, 08:15 PM
 
Location: Mountains of middle TN
5,240 posts, read 13,979,023 times
Reputation: 6062
That's wonderful! Any idea how many jobs it may open in the area?? Or how long it will take before it's officially opened and running?
 
Old 02-14-2011, 08:16 PM
 
925 posts, read 1,919,096 times
Reputation: 1103
I'd like to believe this was good, but to me this looks like the equivalent of another house flipper. When GNP sold to Bowater, then Bowater sold off the hydro generation, then the woodlands, that was the beginning..or was it the end of viability. To me, this company sees some more assets that they are going to buy at firesale prices and make money selling. It would be great to believe that someone sees this as an investment that will live in Maine, but to me I see another company willing to bet some dollars so that they can suck out some more of the company's net worth, then complain about how hard it is to operate in Maine, laughing all the way to the bank. If they held out, the State Gov't would give them a few million to try their endeavor. To me this looks like a rodeo we've been to before.
 
Old 02-14-2011, 08:37 PM
 
Location: On a Slow-Sinking Granite Rock Up North
3,637 posts, read 5,388,078 times
Reputation: 2655
To get them running again would be very good news.

I will, however, refrain from getting too excited until I see the proof in the pudding.

After the ash pile that Bedard left them in circa 2003, there are many former long-term employees who lost quite literally everything they worked for the better part of a 30 year or more career.

I sincerely hope they can make a go of it.

Investment group signs ‘tentative’ agreement to buy Katahdin region paper mills — Maine Business — Bangor Daily News
 
Old 02-15-2011, 07:39 AM
 
Location: Northern Maine
9,767 posts, read 14,896,650 times
Reputation: 9563
The price of oil was a factor in the shutdown of the Millinocket mill. The new owners will build a biomass boiler. A few prior owners tried it, but they could not get by the Maine DEP. The new DEP Commissioner wants Maine to prosper again. A biomass boiler will make the Millinocket mill viable again. The environmental industry will fight this every step of the way. The Millinocket mill has a state of the art fine paper machine. They are ready to go. The biomass boiler will support 150 addition jobs in the area.
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