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Madison Paper Mill Sold

The shuttered Madison Paper Industries mill in Madison has been sold. A joint venture which includes New Mill Capital Holdings of New York purchased the real estate of the Maine mill site as well as all mill equipment. The sale price was not disclosed. New Mill Capital’s Gregory Schain says, because of restrictions imposed by the seller,there’s no possibility of someone coming in and restarting the plant, as is.

“There are parts of the plants and parts of the existing equipment that we think can be salvaged in place if we can find the right operator,” says Schain, “but it wouldn’t be for the same products or look the same as it did when UPM was running it.”

Schain says that while one section of the plant was built in the late 1800’s and will be demolished, the part being used was constructed in 1980 and could accommodate a variety of heavy industries.