The Canadian-based Domtar Corporation has found a buyer for the shuttered Port Edwards paper mill. Village officials are hoping for a quick turnaround from the new owner.
The mill closed down almost five years ago, causing a lot of economic hardship in the Wisconsin River town of Port Edwards. Village Administrator Joe Terry says it has been a long wait to see a return of economic activity to the 192-acre site.
“We’re certainly excited to hear that it’s sold. The value of the paper mill is about 20 percent of the value of the entire community. We’re hoping that the reuse takes place reasonably quickly and that we can retain value on the site.”
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The new owner is DMI Acquisitions, a holding company based in Columbus, Ohio. DMI President DaMenga Weaver said in a news release that the site’s size and extensive rail access makes it “uniquely positioned for new warehouse and light manufacturing opportunities.” Terry says the company’s goals are in tune with Port Edwards’ vision for its future.
“They’re interested in wood-based products, energy- and agricultural-based products, and that aligns itself well with the economic development plan that the Village put together in 2009. At this point it seems that our interests are similar, and we look forward to working with them.”
The sale does not include Domtar’s hydroelectric dam on the Wisconsin River, which it will continue to operate to provide power for its working mill downstream in Nekoosa. Domtar also operates a paper mill in the Wausau area village of Rothschild.
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