BANGOR — A federal bankruptcy judge on Friday approved the $10.5 million sale of the Old Town mill to Expera Specialty Solutions, a Wisconsin firm that intends to restart the mill and put about 200 people back to work.
“A combination of Expera and Old Town will significantly strengthen both businesses,” said Expera CEO Russ Wanke. “In particular, the combination will increase Expera’s vertical integration into pulp and reduce Old Town’s go-forward commercial risk by becoming part of Expera, a financially strong enterprise that serves stable and growing end markets and possesses a dedicated base of long-term customers rather than as a standalone enterprise.”
Expera was formed last year, when KPS Capital Partners purchased Thilmany Papers and Wausau Specialty Paper. The company makes bags for microwave popcorn, wine labels, candy wrappers and other specialty papers.
The firm owns four mills in Wisconsin located in Mosinee, De Pere, Rhinelander and Kaukauna, where the firm is headquartered, according to information on its website. Kaukauna is located 20 miles south of Green Bay, according to Teeters.
The Old Town mill closed in mid-August, furloughing 180 millworkers and 20 others in administration.