A Chinese paper firm has finalized a deal to purchase a Maine paper mill.
The Bangor Daily News reports Hong Kong-based Nine Dragons Paper says it bought the Old Town Mill from OTM Holdings for an undisclosed amount Friday. Under the agreement, ND Paper received the mill along with 100 acres of property.
The Old Town property manufactured and distributed about 155,000 metric tons of bleached hardwood pulp annually before it closed in 2015.
ND Paper says it hopes to restart the operation next year. The company says it plans to produce 275,000 metric tons of unbleached pulp annually.
In June, ND Paper said it spent $175 million to buy mills in Rumford, Maine, and Biron, Wisconsin, and an Ohio operations center from Catalyst Paper Corp.