MADISON, Maine — A paper mill in the central Maine town of Madison will soon have a new owner.
Madison Paper Industries has been owned by a family owned Finish company, Myllykoski Corp., for the past 32 years. Finnish papermaking giant UPM-Kymmene said this week it is acquiring Myllykoski and German-based Rhein Paper in a deal valued at $1.2 billion.
Myllykoski and Rhein Papier have seven paper mills in Germany, Finland and the United States, including Madison Paper.
Madison Paper is the town’s top employer and tax contributor. Town officials tell the Morning Sentinel they are hopeful the sale will lead to improvements at the mill.
The transaction is expected to be completed next spring.