New hope for Maine's paper industry
Two Maine paper mills have sat idle for months. Now however, Cate Street Capital has signed an agreement to purchase mills in Millinocket and East Millinocket.
Maine Governor Paul LePage commented: "This is a significant milestone in our efforts to not only restore papermaking in the Katahdin region, but to create job opportunities for Mainers. I want to commend the hard work and commitment of Brookfield and Cate Street. We look forward to continuing to work toward a closing.”
The U.S. paper industry has faced tough competition from China. An Economic Policy Institute (EPI) report found that from 2002–2009, China’s rapid rise in the global paper industry was fueled by more than $33 billion in illegal subsidies.
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