New Mill Capital Holdings, in partnership with Perry Videx and Infinity Asset Solutions, will hold a three-day online sale for more than 3,000 pieces of paper mill equipment in Madison.
Madison Paper Industries’ 550,000-square-foot paper mill closed last May, leaving nearly 214 employees without jobs. It was acquired by the partnership for an undisclosed price in a sale that closed on Dec. 29.
The real estate is currently available as well, New Mill Capital Holdings said in a news release announcing the auction.
“While the Valmet paper machine itself is being sold via private negotiation, the balance of the plant production and support equipment will be sold at the auction,” said Eric Weiler, principal of New Mill Capital Holdings. “There is a large volume of machinery available, ranging from specific paper production assets to general plant support equipment.”
The 3,000-item sale features equipment such as debarkers, log grinders, slashers, screens, vacuum pumps, stainless pumps, cleaners, valves, refiners, hammer mills, pulpers, roll grinders and compressors as well as a large quantity maintenance equipment, plant support, spare parts and motor inventory. The Valmet 7.2M paper machine, which was upgraded in 2012, is also for sale via private negotiation.
The auction will be conducted exclusively online through www.bidspotter.com and will end June 13-15.
Prospective buyers are invited to schedule an inspection of the equipment at anytime by appointment or attend open inspections from 9 a.m. to 4 p.m. on June 8 or June 9 or on June 12.
In a Dec. 30 release announcing their acquisition, the new owners stated they plan “to sell certain mill assets that are no longer usable on the property, as well as demolish some structures that are obsolete.”
“Once that process is complete, the property will be re-marketed for alternative industrial uses,” the new owners stated. “Given the site’s abundant supply of both power and natural gas, as well as a clear height of over 50 feet, the property is a uniquely attractive asset for a variety of heavy industries.”
The auction is the latest development in the Madison mill’s transition from a working paper mill.
In mid-April EUWID Pulp and Paper, a worldwide trade publication based in Germany, reported that Madison Paper Industries signed an agreement to sell its hydropower facilities to Eagle Creek Renewable Energy LLC, a Morristown, N.J.-based company that owns and operates 61 hydroelectric facilities nationwide.
The value of the transaction, which is still subject to third party approvals, was not disclosed, according to EUWID Pulp and Paper.
*Original article can be found on Maine Biz