Paper mill to receive upgrades in $120M investment plan
JAY, Maine (AP) — An Ohio-based paper-making company plans to invest $120 million in three pulp and paper mills, including to its location in Maine.
The Verso Corp. made the announcement about its plan that includes significant upgrades to its Androscoggin Mill in Jay on Thursday.
The Portland Press Herald reports the focus of the plan appears to be major spending on two paper machines at the mill in Jay, which currently employs 500 people.
Interim CEO Leslie Lederer says the company plans to invest in order to improve the quality and reduce the cost of their products.
He adds the company wants to make more packaging and specialty products and reduce its reliance on graphic paper, a market that has seen a sharp decline in recent years.