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Business and Economy

Frustrated Shareholders Consider Selling Paper Mill

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Susan Sharon
/
Maine Public/file
Verso Paper's Androscoggin Mill in Jay, seen in August of 2015.

JAY, Maine - Shareholders frustrated with returns from a Maine paper mill are considering selling the operation.
 
The Portland Press Herald reports that investors are considering selling the Androscoggin Mill in Jay. According to a Securities and Exchange Commission filing, shareholders with Verso Corp. are frustrated with the mill's financial performance and are evaluating all options to protect their investments.
 
Androscoggin Mill had previously laid off about 120 workers during the summer when it shut down a paper machine.
 
Hilco Valuation Services paper analyst Jesse Marzouk says he wouldn't be surprised if the mill is sold given the current paper industry climate in Maine.
 
Paper operations across the state have suffered in recent years. Since 2011, over 2,300 paper workers have lost their jobs.
 
A Verso spokesman was not available for comment.