JAY, Maine — A paper company announced it has completed the sale of two mills, including one in Maine, as part of a $400 million deal.
Miamisburg, Ohio-based Verso Corp. sold its Androscoggin Mill in Jay to Pixelle Specialty Solutions, the Bangor Daily News reported Tuesday.
The company received its final approval last month when its shareholders met in New York to vote on the sale at the company’s stockholder meeting. The deal with Spring Grove, Pennsylvania-based Pixelle was revealed in November following Verso’s unveiling of a plan to invest $120 million in three mills, including the one in Jay.
The new owner also acquired the company’s Stevens Point mill in Wisconsin, making it the largest specialty paper producer in North America.
Verso President Mike Weinhold said in a statement that the company will shift its focus to pulp and packaging products, as well as other specialty products at its remaining mills.
The Androscoggin mill employs about 500 people and currently produces flexible packaging papers, release liner base, specialty labels, kraft paper, and linerboard.