Meadow Lake’s pulp mill has a new owner.
Meadow Lake’s pulp mill has a new owner.
Sinar Mas Group, an Indonesia-based pulp and paper company, has purchased the facility for $37 million.
The plant, whose ownership is shared by the provincial government and a private company, has been operating under protection from creditors for close to a year.
According to a report by CBC, the price tag represents a marginal amount of the capital that has been poured into the facility over the years. Estimates peg the Saskatchewan government’s investment in the mill at $875 million. The CBC further confirmed that once the sale is wrapped up, the province will collect less than 5% of that amount.
The new owners have promised to maintain the mill’s operational status for a minimum of five years, and to retain as many of the 150 jobs currently provided by the facility as possible.
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