Port Townsend Paper Corporation has been sold to a newly created holding company, Crown Paper Group, that has also purchased PTPC's sister mill, Crown Packaging, which has mills in Canada, for an …
This item is available in full to subscribers.
We have recently launched a new and improved website. To continue reading, you will need to either log into your subscriber account, or purchase a new subscription.
If you had an active account on our previous website, then you have an account here. Simply reset your password to regain access to your account.
If you did not have an account on our previous website, but are a current print subscriber, click here to set up your website account.
Otherwise, click here to view your options for subscribing.
* Having trouble? Call our circulation department at 360-385-2900, or email our support.
Please log in to continue |
|
Port Townsend Paper Corporation, the largest employer in Jefferson County with about 300 jobs, has been sold, it was announced Tuesday, Feb. 10. The Port Townsend property, and sister mills in Canada, have been sold to a new holding company named Crown Paper Group. Leader 2014 photo by Patrick J. Sullivan, flight by Tailspin Tommy's
A waterside view of the Port Townsend Paper Corporation pulp and paper mill. Leader 2014 photo by Patrick J. Sullivan, flight by Tailspin Tommy's
Port Townsend Paper Corporation has been sold to a newly created holding company, Crown Paper Group, that has also purchased PTPC's sister mill, Crown Packaging, which has mills in Canada, for an undisclosed amount.
Mill employees, public officials and community leaders were being informed this morning, Feb. 10, of the transaction, which is expected to be closed in the next few days, according to a press release.
A new holding company, Crown Paper Group, was formed by Lindsay Goldberg LLC of New York to buy the holding company that owned both mills. The holding company was wholly owned by GoldenTree Assets, an asset managing company based in New York.
No changes in Port Townsend mill operations were announced.
“It is very positive for the mill, our company and our community because the company that's purchasing us is interested in investing in our business and making it better and more viable for the future. They are interested in building the company,” said PTPC President Roger Hagan. Hagan plans to stay on as president under the new ownership.
(This story to be updated later today as more information becomes available; see more in-depth coverage in our Feb. 11 issue)
