ND Paper Completes Acquisition of Old Town, Maine Pulp Mill - Global Paper Money

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ND Paper Completes Acquisition of Old Town, Maine Pulp Mill

Oakbrook Terrace, Illinois, USA 23 October 2018 -- (News release) -- ND Paper, a wholly-owned subsidiary of Nine Dragons Paper (Holdings) Limited, on Friday, Oct. 19, completed its acquisition of the Old Town kraft pulp mill from OTM Holdings, LLC, a subsidiary of CVG, Inc.

Under the terms of the asset purchase agreement, ND Paper acquired the bleached kraft pulp mill, plus approximately 100 acres of real property, for an undisclosed sum, payable in cash.

Prior to its idling in the fourth quarter of 2015, the Old Town Mill manufactured and distributed approximately 155,000 air dried metric tonnes (admt) annually of bleached hardwood kraft pulp. After a series of phased capital investments, ND Paper expects the Mill will restart in the first quarter of 2019 and ultimately produce 275,000 admt annually of unbleached kraft pulp.

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