>but the paper industry in Minnesota has been increasingly challenging
WallStreet for "not getting 25% ROI".
WallStreet for "not getting 25% ROI".
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F-line to Dudley via Park wrote:Because I think that on a cash basis they can get more for Jay than they could Bucksport. I know people who work at Jay and they have been very consistent in saying that money has been put into the mill on a regular basis.gokeefe wrote:I think Verso is going to sell that mill to another paper company. This one is much bigger, and more modern than Bucksport. They've put a fair amount of money into paper making systems as well. I think it's competitive in a way many other mills were not.Why, other than wishful thinking, would you trust in that belief?
gokeefe wrote:Because I think that on a cash basis they can get more for Jay than they could Bucksport. I know people who work at Jay and they have been very consistent in saying that money has been put into the mill on a regular basis.How do people who work at Jay know what hedge fund brokers in New York who've been in charge for 1 year plan to do with the mill? Did the people who worked at Bucksport consistently say about the exact same outfit: "Oh, no...the plant won't be sold operable. It'll be scrapped for all its material value at below-market cost to salt the earth from anyone else ever setting up shop. Everything invested in physical plant up to now will be totally for naught, and we're completely and absolutely screwed." I don't recall them having a good read on those motives. Bucksport ended up a complete blindside.
Portland Press Herald wrote:Verso Corp. announced Wednesday that it would “permanently shut down the No. 3 paper machine and associated equipment” at its Androscoggin mill in Jay, resulting in the elimination of 120 jobs there.Read the rest of the article at: http://www.pressherald.com/2017/07/19/j ... -120-jobs/" onclick="window.open(this.href);return false;
The company had previously said in November it would temporarily idle the key papermaking machine because of declining customer demand and “more coated paper capacity than could be filled.”
. . .
The company’s announcement in November sent shock waves through the town of about 5,000 people, highlighting yet another struggling Maine mill on the edge with hundreds of jobs on the line. The mill had already been reeling from 300 layoffs a year before.
Verso’s struggles are among a string of closures and layoffs that has plagued Maine’s paper industry in recent years. Five mills have closed in the last two years — including the Madison Paper mill in May 2016, putting more than 200 people out of work — and more than 2,300 workers have lost their jobs since 2011 as the industry reels from declining global demand for paper.
The company said the project would allow it to take advantage of a growing market for the tissue paper, and even has a “major paper merchant” lined up to buy all that the new machine can produce. Catalyst told state investors the tissue paper enterprise will be able to support 62 full-time jobs, worth $79 million in annual payroll and benefits.