Stories about Brookfield Asset Management

Aaron McCluskey of Millinocket welds a manifold during recent work at Millinocket Fabrication and Machine Inc.

Century-old Millinocket foundry to replace penstocks for 2 Brookfield dams

By Nick Sambides Jr. on July 08, 2014, at 5:41 p.m.
One of Millinocket’s oldest businesses was awarded the job to replace penstocks to two dams with new technology, a decision made by Brookfield Renewable Power, officials to the energy company said Tuesday. Millinocket Fabrication and Machine Inc. will build more than 700 feet of 11-foot diameter penstock …
The paper mill in Millinocket is seen last year.

Last Millinocket paper machine up for auction

By Nick Sambides Jr. on May 20, 2014, at 6:49 p.m.
The end of more than a century of paper manufacturing in this town looks to be at hand with the auction of the No. 11 paper machine and other equipment from the shuttered mill site. Koster Industries, which advertises itself as one of the leading industrial auctioneers, …
The East Millinocket paper mill.

Restart of East Millinocket mill delayed as firms clash on electricity agreement

By Nick Sambides Jr. on April 16, 2014, at 6:33 p.m.
Negotiations between two companies over electricity sales that would help restart a local paper mill have devolved into finger-pointing and delayed indefinitely the mill’s resumption of production, officials said Wednesday. Brookfield Asset Management’s attorney said that Great Northern Paper Co. LLC officials have refused to divulge …
The East Millinocket mill.

State seeks to revive East Millinocket mill by allowing Cate Street to sell electricity

By Nick Sambides Jr. on Feb. 12, 2014, at 7:45 p.m.
Gov. Paul LePage’s staff and state legislators met Wednesday to explore allowing Cate Street Capital to partner with the owner of several hydroelectric dams to sell electricity and create new revenue that could help restart the Main Street paper mill. Democratic and Republican state legislators, government …
Brookfield Asset Management CEO Bruce Flatt listens to other speakers during the annual general meeting for shareholders in Toronto last year.

Brookfield Renewable Energy Partners to acquire 9 Maine dams

By Whit Richardson on Nov. 04, 2013, at 2:32 p.m.
Brookfield Renewable Energy Partners on Friday said it will acquire nine hydroelectric dams in Maine, bringing the total number of dams it operates in the state to 38. The company, which is managed by Toronto-based Brookfield Asset Management, the majority owner, is acquiring the nine dams from Black Bear Hydro …
A view from Edmundston, New Brunswick, of the papermaking mill in Madawaska in 2011.

New York investment firms to purchase Madawaska paper mill

By Whit Richardson on May 21, 2013, at 2:12 p.m.
The majority owner of Twin Rivers Paper Co. plans to sell its stake in the company to a pair of New York area investment firms. Brookfield Asset Management, based in Toronto, will sell its 51 percent controlling interest in Twin Rivers Paper to Blue Wolf Capital Partners, …
A view from Edmundston, New Brunswick, of the mill in Madawaska in February 2010.

Brookfield trying to sell interest in Madawaska paper mill

By Matt Wickenheiser on April 11, 2012, at 6:52 p.m.
The majority owner of the Twin Rivers Paper Co. is seeking to sell its stake in the company. Brookfield Asset Management confirmed Wednesday that it is looking for a buyer for its 51 percent share in Twin Rivers, which employs approximately 1,200 at its paper operations in …
This shuttered paper mill in East Millinocket and the one in the Millinocket werepurchased by New Hampshire investor Cate Street Capital.

East Millinocket mill’s restart delayed a week

By Nick Sambides Jr. on Oct. 05, 2011, at 6:50 p.m.
Its plans to restart the local mill have been delayed by a week, but the parent company that owns the two Katahdin region paper mills will break ground on a $275 million biomass boiler in New Hampshire on Thursday, a company spokesman said Wednesday. Under Cate …
The East Millinocket Paper Mill.

LePage: Cate Street closes deal on Katahdin paper mills

By Nick Sambides Jr. on Sept. 28, 2011, at 2:12 p.m.
EAST MILLINOCKET | New Hampshire-based investor Cate Street Capital is the full owner of the two Katahdin region paper mills and has plans to return hundreds of people to work, Gov. Paul LePage said Wednesday. LePage announced the final sale transaction between Cate Street Capital and the previous owner, …
The East Millinocket mill.

One complaint filed with state on transfer of landfill to complete mill sale

By Nick Sambides Jr. on Sept. 27, 2011, at 12:15 p.m.
EAST MILLINOCKET | Cate Street Capital appeared well on its way over the last hurdle late Tuesday to assuming full ownership of the two Katahdin region paper mills, with state environmental officials saying they saw no significant problems with the transfer of the Dolby landfill to the state. As …
The Dolby Landfill along the banks of Dolby Pond near GNP's former East Millinocket facility.

DEP commissioner approves operating licenses for mills’ new owners

By Christopher Cousins on Sept. 21, 2011, at 8:19 p.m.
AUGUSTA | Maine Department of Environmental Protection Commissioner Patricia W. Aho signed over operating licenses for two dormant paper mills to their imminent owner late Wednesday afternoon, a move that brings the restoration of hundreds of jobs in the Katahdin region one step closer to reality. DEP spokeswoman Samantha …
This shuttered paper mill in East Millinocket and the one in Millinocket were due to be purchased by New Hampshire investor Cate Street Capital on Friday, Sept.16.

Final purchase details for Katahdin paper mills being set

By Nick Sambides Jr. on Sept. 16, 2011, at 11:44 a.m.
EAST MILLINOCKET | State officials said they hoped that by late Friday a New Hampshire-based investor would buy two shuttered paper mills for an undisclosed price, re-employing several hundred millworkers. “They have the [final] paperwork in front of them right now,” Adrienne Bennett, spokeswoman for Gov. Paul LePage, said …
The East Milloinocket paper mill is seen at night in February.

LePage optimistic that Katahdin mills will restart

By Nick Sambides Jr. on Sept. 14, 2011, at 4:22 p.m.
AUGUSTA | Gov. Paul LePage is optimistic that a New Hampshire investor will close a deal to buy the two Katahdin region paper mills by midnight Thursday, putting several hundred people back to work, his spokeswoman said Wednesday. “We are getting very close to that deadline but we are …
The East Millinocket paper mill is seen in May.

Potential buyer of mills plans quick restart for ‘GNP’

By Nick Sambides Jr. on Sept. 01, 2011, at 2:42 p.m.
EAST MILLINOCKET | A New Hampshire-based investor seeking to buy the two Katahdin region paper mills plans to call its mill-operating subsidiary “Great Northern Paper Co. LLC” — harking back to the mills’ origins — and invest $20 million to $25 million in the Main Street mill as soon …

Brookfield grants Katahdin paper mills another reprieve

By Nick Sambides Jr. on July 26, 2011, at 7:34 p.m.
EAST MILLINOCKET | The Toronto-based corporation that owns the two Katahdin region paper mills is giving Gov. Paul LePage more time to close a deal with a potential buyer of the mills, he said Tuesday. “We are cautiously optimistic that a deal can be reached to re-establish the long …

Katahdin millworkers to get emergency aid

By Nick Sambides Jr. on June 23, 2011, at 9:58 p.m.
EAST MILLINOCKET, Maine ― About 450 workers laid off in the Main Street paper mill’s closure in April will be the beneficiaries of a $657,841 National Emergency Grant, U.S. Rep. Mike Michaud said Thursday. The U.S. Department of Labor is awarding the grant to the Maine Department of Labor to …

Mill jobs hang in balance, lawmakers warned  

By Kevin Miller on May 20, 2011, at 7:18 p.m.
AUGUSTA | Town officials from the Katahdin region joined the LePage administration on Friday in urging state lawmakers to approve a bill that would allow the state to purchase a landfill tied to the fate of roughly 600 papermaking jobs in the area. Brookfield Asset Management, the parent company …