Catalyst Paper Corporation announced today that it has agreed to sell its U.S. mills and operations center near Dayton for $175 million.
Nine Dragons Paper in Hong Kong will acquire all of Catalyst’s U.S. based mills along with an operations center located at 7777 Washington Village Drive in Washington Township. Catalyst’s two mills are located in Rumford, Maine and Biron, Wisconsin, according to the company.
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The sale is expected to be finalized by the end of June with a favorable vote by Catalyst’s shareholders, according to the company. Catalyst shareholders are expected to meet on June 11.
“We’re proud of what our employees have accomplished at our Biron and Rumford mills and our Dayton operations center. Their hard work and dedication have vastly improved these operations,” said Ned Dwyer, Catalyst president and chief executive officer.
This news organization has reached out to a spokesperson for Nine Dragons Paper to ask how many jobs in Dayton may be affected by the sale.
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Nine Dragons' major focus is on environmentally friendly recycled paper, but it also operates conventional pulp mills like those it's buying in Maine and Wisconsin. Eventually, Nine Dragons said it plans to invest in high-growth packaging paper and pulp products to keep both of the mills on a competitive footing.
"We look forward to working with the teams and communities in Maine and Wisconsin as we embark on this next phase of expansion together," Nine Dragons Chairwoman Yan Cheung said.
The Associated Press contributed to this story.
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