HANOVER, VA (WWBT) - A Canadian company is set to invest $275 million into the old Bear Island Paper Mill in Hanover County, which will create 140 new jobs.
Cascades Inc., a green packaging and paper tissues manufacturing company, will purchase the mill for $32.2 million and invest $275 to $300 million in upgrading equipment.
The new machine is expected to have a production capacity of 400,000 tons a year.
Cascades will restart manufacturing paper under a 27-month lease and will begin production of recycled containerboard in 2021.
Cascades is headquartered in Quebec, with more than 90 locations across North America and Europe – employing 11,000 people.
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