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Catalyst Paper, the Canadian owner of the Rumford paper mill, is seeking a $25 million loan through the Finance Authority of Maine’s Major Business Expansion Bond program.
FAME CEO Bruce Wagner told the authority’s members at its April meeting that the loan would help Catalyst purchase a tissue machine for its Rumford mill.
The Major Business Expansion Bond Program provides long-term, credit-enhanced (by FAME) financing up to $25 million at taxable bond rates for projects that create or retain 50 or more jobs, according to FAME’s website. Manufacturing expansion projects may be eligible for long-term, tax-exempt bond rates on bonds of up to $10 million.
The Bangor Daily News reported that if Catalyst’s request is approved, it would be the second project to get funding through the program. St. Croix Tissue earlier had won FAME approval for $7.5 million under the program to help pay for the $120 million tissue machine installed at its mill in Baileyville, the newspaper reported.
In other news related to the Rumford mill, Catalyst announced last week it had launched a “wet strength label paper” called Trident that can be applied on water bottles, craft beer, juice bottles, wine bottles and large format containers.
The new label paper is sustainably produced under Forest Stewardship Council, the Programme for the Endorsement of Forest Certification and Sustainable Forestry Initiative standards, reported Catalyst, which is based in British Columbia and has five mills across North America with an annual production capacity of 2.3 million tons.
“As we strive to expand our portfolio of value-added, paper-based solutions for our specialty customers, we are excited to introduce Trident, our new wet-strength label paper,” Brian Boland, vice president of specialty papers and new product development, said in a news release. “Not only does this launch further demonstrate our commitment to the label market, it offers a durable beverage label with excellent wet opacity, printability and labeling speed that will satisfy the needs of both converters and brand owners.”
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