AUGUSTA, ME, March 12, 2014 (Press Release) - Governor Paul R. LePage announced today International Grand Investment Corporation will invest $120 million to install two new tissue machines at the new St. Croix Tissue in Baileyville.
The new machines will lead to the creation of up to 80 new jobs, along with another 200 to 300 indirect jobs.
"This is a major investment in the paper industry, the kind that has not been seen in Maine for decades," said Governor LePage. "This is tremendous news for our neighbors Down East, providing them new opportunities for good-paying, full-time jobs in a growing industry. The tissue market is strong, and the investment by IGIC will stabilize the future of the mill."
The pulp for the new tissue machines will come from the Woodland Pulp Mill.
The first machine will be operational in the fourth quarter of 2015. The second machine will be operational in the first quarter of 2016. The new investment is the result of more than two years' worth of discussions, planning and negotiations between IGIC and the LePage Administration. Governor LePage met the owners of IGIC in China during a trade mission in 2012.
"I'd like to thank A.K. Agarwal, CEO of International Grand Investment Corporation, and Bert Martin, director of Woodland Pulp, for their work in making this investment possible and bringing prosperity to Mainers," said the Governor. "Government does not create jobs, but it can create an environment where businesses can thrive. As I often say, investment capital goes where it is welcome and stays where it is appreciated. We welcome IGIC to Maine, and we appreciate their business."