Deal Reached To Reopen Terrace Bay Mill

New life for the idled Terrace Bay Mill.
The Provincial Government says the Aditya Birla Group has agreed to purchase the assests of the mill and plans to invest more than $250-million to convert the facility.
The company is based out of India.
Terms of the agreement haven’t been released.
The mill will dissolve wood pulp for rayon fibre and will create some 300 direct jobs.
The Province is hoping to have the mill open by the end of October.
The deal is subject to court approval.
The mill has been closed since a fatal explosion last November and subsequent downtime.