MADISON (AP) — The buyers of a recently shuttered Maine mill say they are looking forward to bringing “new economic life” to the property.

Madison Paper Industries closed in May, putting about 200 people out of work. The Morning Sentinel reported ( ) a sale of the mill was announced Friday. A joint venture of New Mill Capital Holdings, Perry Videx and Infinity Asset Solutions purchased the mill from owners UPM-Kymme Inc. and Northern SC Paper Corp. The sale price was not disclosed.

The mill had been producing paper used for magazine publishing since 1978.

The new owners plan to sell off certain mill assets and re-market the property for industrial use. Madison Town Manager Tim Curtis says the town is sad to lose its paper mill heritage but is excited for what’s next.

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