MAINE (From news reports) -- A research and development company based in Belfast is in the process of buying the former Madison Paper Industries mill with plans to redevelop the site into a manufacturing hub for wood fiber insulation, a venture that could bring more than 100 jobs.
The pending sale comes just over three years after Madison Paper announced in March 2016 it would close, putting 214 people out of work in May that year and adding to a string of paper mill closures around the state.
Joshua Henry, president of GO Lab Inc., which specializes in developing products for the construction industry, said in an interview the group has been looking for the past three to four years to open up a wood fiber insulation manufacturing plant in Maine.
The company started looking into the former Madison Paper Industries site about a year ago and recently came to an agreement to buy the facility, currently owned by Somerset Acquisition LLC.
The sale is not yet complete and Henry said he could not disclose the purchase price, but he said it is not far off from the $2.5 million listing price.
He said he plans to take over ownership by the end of the year and start renovation in 2020.
The mill would be outfitted to produce wood fiber insulation, a renewable, recyclable and nontoxic alternative to fiberglass or mineral wool that Henry said currently is not produced in North America.
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