PORT TOWNSEND, Washington (From the Port Townsend Leader) -- 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.