MADISON, Maine (AP) - A Chinese company has bought the giant paper machine at a now-closed paper mill in Maine for an undisclosed amount.
A representative of one of the three partners that bought the Madison Paper Industries mill in December tells the Kennebec Journal the sale was completed over the summer, and the company has begun the three- to four-month process of moving the machine.
He says the conditions of the sale were that the machine could not be used by a competitor, and it could not create the type of glossy magazine paper the mill traditionally produced.
Greg Schain, principal of New Mill Capital Holdings, says the machine’s removal will help make the space more attractive for redevelopment.
A Portland real estate firm has the building listed for $2.5 million.
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