JAY (AP) — Owners of a Jay paper mill say they are exploring investment options after bouncing back from bankruptcy.
Centralmaine.com reports Verso Paper has hired a consultant to review each of its seven mills. CEO Chris DiSantis says the company is exploring several options for each of the mills, such as adding a new product or selling the mill.
The managers of the company cited their mill in Jay as a prime example. The company permanently closed its No. 3 machine Aug. 1 and laid off close to 190 employees. The company also began producing specialty paper at its No. 5 machine.
Revenue reports show the No. 5 machine is expected to create $10 million in revenue once it reaches full capacity.
The Jay Town Manager was unavailable to comment.
Verso Paper permanently closed its No. 3 machine Aug. 1 and laid off close to 190 employees at the Androscoggin Mill in Jay. The company also began producing specialty paper at its No. 5 machine.
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