After months of uncertainty, the former Thunder Bay Fine Papers (TBFP) mill in Thunder Bay, Ont., appears to have b…
After months of uncertainty, the former Thunder Bay Fine Papers (TBFP) mill in Thunder Bay, Ont., appears to have been saved.
A local group of investors that goes by the name of Superior Fine Papers Inc. purchased the mill earlier this week for an undisclosed amount.
The mill has had a tough history: the former Cascades Fine Papers Group Inc. mill was closed in 2006, and was then bought and restarted by TBFP in early 2008. However, due to a surplus of inventory and a lack of customers, the mill had to shut down again in July of the same year.
Following an October 2008 Supreme Court hearing in Toronto, Deloitte & Touch Inc. was given possession of the mill. Last week, it was saved from going to scrap with the Superior Fine Papers acquisition.
An exact start date for the mill has not yet been determined, but according to a press release issued by the new owners, it will be “a matter of weeks as opposed to a matter of months.”
The press release also stated the start-up would return most of the former jobs and “countless spin-off jobs” to Thunder Bay.
The Superior Fine Papers mill will also be the only coated free sheet mill in Canada.
According to Marc Goguen, Superior Fine Papers’ VP Sales and Marketing, the group’s sales team is talking to customers and has secured a level of commitment as well.
“The reaction has been overwhelming. In fact, we have letters of commitment from our key customer base in excess of 90,000 tonnes, which is half of the mill’s output; we are all overwhelmed by the support,” Goguen said.
The press releases noted the company received much support for the project from many groups, including shareholders, the City of Thunder Bay, the Ontario government and the Ministry of Natural Resources, the unions, and its customers.
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