Third, unidentified but 'worthwhile' party has begun talks to buy a part of IP's mill in Franklin, Virginia, while Tak Investments, Franklin Pellets remain interested in the mill for tissue making, wood pellet production, respectively

Sandy Yang

Sandy Yang

Jul 20, 2012 – Industry Intelligence Inc.

LOS ANGELES , July 20, 2012 () –

Negotiations have begun with a third potential buyer for part of International Paper Co.’s (IP) mill in Franklin, Virginia, according to Isle of Wright County Economic Development Director Lisa Perry, reported The Tidewater on July 20.

The talks began a week ago, she said but declined to provide further details other than to describe the unidentified party as “another worthwhile co-user.” Perry said she hoped that one of the three companies interested will be ready to move in by early autumn.

The two other companies still interested in the part of IP’s Franklin mill that the Nashville, Tennessee-based papermaker is not using are Franklin Pellets LLC and Tak Investments Inc., The Tidewater reported.

Canton, Ohio-based TAK proposes reconfiguring the mill as a recycled tissue-making facility, Perry said earlier, according to a Dec. 24, 2011 report in The Tidewater that was carried by IndustryIntel on Dec. 27, 2011.

Franklin Pellets, a joint venture between CMI LP and Texas-based energy company MultiFuels LP, would repurpose the facility to manufacture up to 500,000 tons/year of wood pellets for sale in Europe, reported The Tidewater.

The plans are still on track, said Franklin Pellets business partner Peter O’Keefe on July 19, adding that the company hopes to make an announcement “soon.”

The proposals for Tak and Franklin Pellets are in the planning stage, involving engineering work to retrofit existing equipment for other uses, said Perry, The Tidewater reported.

In the first week of July, IP started making fluff pulp on a reconfigured paper machine at the Franklin mill, the company announced in a July 6 press release.

The primary source of this article is The Tidewater News, Franklin, Virginia, on July 20, 2012.

 

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