Tembec’s paper mill in St. Francisville is on the receiving end of a state board granted tax break.
Tembec’s paper mill in St. Francisville is on the receiving end of a state board granted tax break.
According to a report by Associated Press, Tembec, owner of the paper mill, is projecting a loss of $235 million for its first five years of operation in the state. However, the company confirmed it is hopeful the facility will return to profitability with help from the state.
Tembec cut 200 jobs from the mill over the past two years. However, in exchange for up to $17.5 million in exemptions from state income, corporate franchise and sales tax for the next five years, it has agreed to put a freeze on further job cuts. The report confirmed that a drop in employment would imply a comparable drop in aid.
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