AUGUSTA —The Board of Directors of the Finance Authority of Maine (FAME) has approved loan insurance for Twin Rivers Paper Company in Madawaska. FAME officials say that the lending will help accelerate the company’s strategic initiatives and help maintain approximately 630 jobs in Maine.
“FAME is pleased to support Twin Rivers Paper and the Madawaska mill, which is a vital asset to the community and to the state as a whole. Our expectation is that the mill will remain competitive on a global basis and continue to employ hardworking Mainers,” stated FAME Board Chair Susan Snowden.
FAME’s loan insurance of 90 percent on a $5.27 million direct loan by Canadian Imperial Bank of Commerce will provide additional working capital for Twin Rivers Paper Company. Part of a larger financing package, the deal will enable the company to maintain 630 jobs in Maine and 400 jobs in New Brunswick.
Twin Rivers Paper is an integrated specialty paper company that manufactures publishing, packaging and label products for targeted markets and applications; the company has operations in New Brunswick, Québec, and Maine.
“Thanks to FAME’s assistance, Twin Rivers Paper will accelerate its strategic initiatives maintain good-paying jobs in the state and successfully compete in the global marketplace,” said Twin Rivers Paper President and CEO Jeffrey Dutton.
