Shuttered UPM Madison, Maine mill to be sold piecemeal in June auction

Tuesday, May 23, 2017 11:15 am

Shuttered UPM Madison, Maine mill to be sold piecemeal in June auction | Maine, mill, closure, UPM,

PORTLAND, Maine (From The Daily NEws) -- Owners of the shuttered UPM-Kymmene mill in Madison will sell off 3,000 separate pieces of industrial equipment through a three-day online auction starting June 13.

The joint partnership of asset liquidators running the sale said the mill's Valmet paper machine will be sold through private negotiation while the rest of the equipment will be sold through the auction.

The companies said in a news release Tuesday that the auction will run from June 13 through June 15, starting at 10 a.m. each day. It will allow inspections of equipment by appointment or during open inspection times on June 8, June 9 or June 12 from 9 a.m. to 4 p.m.

The previous owners sold the mill in December after it stopped production last May, laying off 214 workers in the process. It was Maine's fifth major paper mill closure in three years.

The partnership that owns the mill includes New Mill Capital Holdings of New York, Perry Videx of New Jersey and Infinity Asset Solutions of Toronto.