Atikokan Renewable Fuels now has full control over the former Fibratech Mill.
The plant went into receivership back in November of 2007.
Mayor Dennis Brown says the new company plans to renovate the plant to produce industrial wood pellets.
The company also hopes to set up an assembly plant in Thunder Bay to manufacture pellet machines for export.
Atikokan Renewable Fuels is planning to invest an initial $15-million to convert the plant.
When the wood pellet operation is up and running, an anticipated 40-jobs will be created.
Atikokan Renewable Fuels Busy at Work
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