(AP) – Two Maine paper mills employing 600 people are about to get a new owner.
Toronto-based Fraser Papers said it plans to buy the former Great Northern Paper mills in Millinocket and East Millinocket.
Fraser is already operating the Katahdin Paper Company mills. Now it has entered an agreement to buy them outright from Brookfield Asset Management, which bought the mills out of bankruptcy in 2003 when the company was known as Brascan Corporation.
Fraser says that under the agreement it will pay 50 million dollars plus working capital for the assets, as well as royalty payments based on performance of the Millinocket mill. The deal is expected to close in the second quarter.