PORTLAND, Maine - Sappi paper has announced a $165 million investment in its Somerset Mill in Skowhegan.
Sappi President Steve Binnie told analysts on a conference call that the company is continuing to grow the parts of the paper business that are profitable.
"At Somerset we - I think it was last quarter - we announced to the market that we're investing in the wood yard there and we'll start to see the benefit of that coming through in the 2018 financial year," Binnie said. "So there's an ongoing, continuous improvement initiative across the business to make sure we stay competitive."
Binnie also reported Wednesday that Sappi is continuing to make progress on reducing its debt. He says the company owes only about half of what it did just four years ago.
