Idled Newton Falls Fine Paper Mill in Newton Falls, New York, may restart after 'international' undisclosed buyer purchases mill property, equipment at auction on March 21
March 22, 2013
(Industry Intelligence Inc.)
– The idled Newton Falls Fine Paper Mill in Newton Falls, New York, may have just gotten a new lease on life after an undisclosed buyer purchased the mill property along with its equipment at an auction on March 21, WWNY TV7 reported March 22.
“An international group” came in with a last-minute bid that was 10% more than the total bids, with plans to restart operations at the mill, according to Mark Fleckenstein, a group analyst for Continental Plants, which ran the auction.
Local officials feared that the mill, which shuttered in 2010 and affected 100 employees, would permanently close following the auction.
The mill is owned by Scotia Investments of Nova Scotia.
The equipment and inventory for sale include two paper machines, while the real estate includes a 15-acre manufacturing site and roughly 4,000 acres of land, The Watertown Daily Times reported Feb. 25.
The primary source of this article is WWNY TV 7 United Communications Corp., Watertown, New York, on March 22, 2013.