NEW YORK (From news reports) -- CorrVentures LLC, a private development firm specializing in strategic project development in the pulp and paper and corrugated packaging markets, announced its intention to build and operate a 300,000 ton-per-year 100 percent recycled lightweight containerboard mill located on a 102 acre site about 9 miles south of Albany, New York.
CorrVentures said it it is anticipated that a minimum of 200 new construction jobs will be created directly as a result of this effort, with substantial additional jobs being created through the multiplier effect to the surrounding Rensselaer County, New York, community. The project, also known as the Hudson Valley Paperboard Project, currently anticipates a Q4 2019 financial closing and commencement of commercial operations in Q4 2021.
The project is subject to approval of state and local incentives, which have been offered to projects of a similar nature in New York, including sizable New York State Brownfield Program refundable tax credits. According to a news release from CorrVentures, the mill's geographic location is well-suited to secure primary old corrugated container (OCC) raw material supply, available to the mill by common carrier, rail and deep-water barge.
The CorrVentures development team reports that it has experience and prior success in designing, building and operating business facilities similar to those planned for the project, as well as in managing printing and packaging businesses with significant purchase requirements for recycled containerboard. The founders of CorrVentures include Charles P. Klass (chairman), Stephen R. Read (president and CEO), Jan Lambert (executive vice president) and Eric Lawrence (executive vice president and treasurer).
The corporate investment and off-take partners participating in this venture will consist of major independent corrugated packaging and corrugated sheet feeder operations based in the North Central and Northeastern United States as well as Canada, CorrVentures reports in a news release. Each of these companies will be selected for approach based on their established history and strong reputation of success in the industry.
The Hudson Valley Paperboard Project will be built by a globally recognized firm that will have complete responsibility for the design, engineering, procurement and construction of the new lightweight containerboard mill operations. The contractor will provide appropriate completion and performance guarantees as required by the Project lenders and stakeholders.
CorrVentures reports that it has retained Piper Jaffray as its exclusive investment banker to assist in structuring and placing the non-recourse senior secured financing for the project. Acorn Street Capital, based in both Boston and New York City, has recently joined the CorrVentures team as an investment partner.
Operations will highlight state-of-the-art proven recycling and papermaking technologies from across North America and abroad, CorrVentures reports in a news release. The paper machine will include starch surface treatment and optimized calendering to provide enhanced strength and excellent printability.
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