Potlatch Corp. has sold its Brainerd, Minnesota, paper mill and related assets to Missota Paper Company LLC for $4.44 million in cash.
The sale follows terms and conditions set forth in a memorandum of understanding signed by Potlatch and Missota in the fourth quarter of 2002.
"Following the closure of the plant in May of 2002, we sought purchasers for the Brainerd operation that had both the interest and ability to continue to operate the Brainerd plant and provide employment for former Potlatch employees," said L Pendleton Siegel, Potlatch chairman and CEO. "We believe we found such a purchaser in Missota," he said.
According to Dan Alexander, Missota's president and CEO, Missota plans to begin paper production on one paper machine, PM6, on March 12th, and projects that the second paper machine will be brought on line in the third quarter of 2003, based on market demand. Initial employment will be 150, growing to 260 when the mill is in full operation.
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