Prospective buyer to tour Katahdin-region paper mills

Posted Feb. 16, 2011, at 10:42 a.m.
Last modified Feb. 16, 2011, at 12:17 p.m.

MILLINOCKET, Maine — A California investment firm is touring two northern Maine paper mills it has tentatively agreed to buy.

Representatives from Meriturn Partners LLC on Wednesday will tour the Katahdin Paper Co. mills in Millinocket and East Millinocket. According to WABI-TV, the group is expected to meet with union representatives, regulators and other stakeholders.

Officials announced Monday that San Francisco-based Meriturn Partners has agreed to buy the mills from Brookfield Assets Management, an investment group in Toronto. Financial terms were not disclosed.

Before the transaction is completed, Meriturn is seeking to negotiate new labor contracts and lower property taxes. It hopes to complete the purchase by April 29.

The East Millinocket mill employs about 450 workers, but the Millinocket mill has been idle since 2008.

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