Industrial Assets closes purchase of Appleton Coated mill
COMBINED LOCKS (WLUK) -- The sale of a Fox Valley paper mill is now complete.
Appleton Coated announced Wednesday it had finalized its sale to Industrial Assets Corp. The sale was approved by a judge last week and Industrial Assets closed on the mill on Tuesday.
California-based Industrial Assets says it will resume limited operations at the mill in Combined Locks while working to find another company to buy the mill and operate it into the future.
Industrial Assets CEO Steven Mattes released a statement which said, in part:
This mill’s infrastructure is one of the most desirable that we have seen with a 50 MW Cogeneration system which will provide low cost energy, on site rail service, landfill, water treatment and all permits in place for an immediate restart for a domestic or foreign buyer. We have been approached by several large corporations seeking to operate the manufacturing site including a new tissue machine project. We believe the site is also ideal for a co-operative arrangement sharing facilities running noncompetitive grades of paper on this 55-acre site with 1.2 million sq. ft. under roof. Our company’s internal financing programs and leasing opportunities will provide the wherewithal for both large and small manufacture(s) to take advantage of this unique situation.
More than 600 people worked at the mill before layoffs were announced last month. Industrial Assets has said about 100 of those employees would be working over a three-month period to maintain the building.