Tolko’s kraft paper mill in The Pas may have buyer
(Canada, Oct. 11, 2016) CBC News said that it has learned the name of the company behind a letter of intent to buy the Tolko paper mill in The Pas, Manitoba, Canada.
“Sources familiar with negotiations on the possible purchase say New York-based American Industrial Acquisition Corporation (AIAC) is the company interested in buying the plant.
“The company is privately held and does not publish its financial statements or balance sheets. According to AIAC’s LinkedIn profile, the company is “founded on the principal (sic) of acquiring under-performing companies and helping those companies to survive and thrive,” CBC News said in its report on Oct. 7.
On August 22, Tolko announced its intention to close the kraft paper mill in The Pas, in northern Manitoba on December 2, 2016. Since that announcement, union and political leaders in the region have been working to come up with solutions to keep the facility open.
According to CBC News, there has been a series of negotiations involving AIAC, Tolko Industries, and the three unions representing nearly 300 workers at the plant. The province of Manitoba has senior staff and politicians following the proceedings.
Last week significant majorities of the members of Unifor locals 1403 and 342 voted in favour of taking a 10 per cent pay cut if the sale was concluded. The cut has been agreed to only if AIAC buys the plant.
The full story is available on CBC News: http://www.cbc.ca/news/canada/manitoba/american-turnaround-company-eyes-tolko-mill-1.3796296 (Source: CBC News)
Pictured Above: Tolko Paper Mill, The Pas