Photo by WJFW Newswatch 12
Story By Morgan Johnson
Local News Published 09/07/2021 2:56PM, Last Updated 09/07/2021 5:56PM
Park Falls - The Park Falls paper mill has been sold, as of August 31, to Wisconsin Paper Personal Property LLC, and Wisconsin Paper Real Property LLC, which is a subsidiary of Maynard Industries.
The mill, which is over 100 years old, has been sitting at a "warm idle" since April, when the previous owners went into receivership.
Park Falls Mayor Michael Bablick says that, since April, the mill's basic operations are still ongoing to keep machines in a ready state.
"The basic maintenance of the mill is going to be continuing," said Bablick. "The water treatment plant is still running to a degree. There's a lot of different microbes that have to be alive for that to process, so they're being 'fed,' so to speak. Pumps are being maintained."
The mill was sold for $2.2 million. The company that bought the mill is a liquidation company. However, Bablick says they could have other plans for the property.
"They bought it in order to basically liquidate the mill," he says. "However, they do have a history of reselling operations to operators, and sometimes they keep an equity stake if they think it's viable."
Bablick says they're discussing other options with groups such as the Park Falls Mill Cooperative. The city is pushing the different groups for a final decision to be made as quickly as possible, and Bablick expects that decision within the next month.
Bablick says if the mill is not restarted this fall, it will most likely be liquidated.
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September 08, 2021 at 06:00AM
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Park Falls paper mill sold again, this time to liquidation company - WJFW-TV
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