turbo said:June 6, 2008
The little towns of Millinocket and East Millinocket Maine are getting nailed again. A weak paper market forced the closure of their paper mills years back and the loss of 1100 jobs. Brascan bought the two mills in 2003 and have been running at far less than capacity with 208 workers at the Millinocket mill and 350 workers at the sister mill. The mills are 100% dependent on oil to produce steam with which to make paper and the price of oil has more than doubled in the past year. The East Millinocket mill will have to undergo curtailment (probably in both production and work force) and the Millinocket mill will be shut down completely. The #11 paper machine at that mill is fully booked, and should be running 24/7 but the company cannot afford the huge losses due the price of oil, so it appears the mill will be shut down entirely.
So I see Millinocket (Great Northern Paper) mill made national headlines recently, with the reopening of the East Millinocket plant. It was purchased by an outfit based in Portsmouth, NH. Perhaps a indicator of better days ahead.