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Future Mark is closing its paper mill in Manistique.
The company issued a statement Wednesday night confirming that the mill will be closing around March 24th, which is next Tuesday.
Company CEO Matthew Nightingale says that the decision comes because of “large cash needs” that would be required to keep the mill in operation. He says they kept looking for investors right until the final minute, but could not find the support needed to keep the mill open.
Nightingale called it an extremely difficult decision, and he noted there were “exceptional efforts” made to help the mill emerge from bankruptcy in 2012. He says the mill was unable to return to profitability, and that, combined with “ongoing challenges” in the paper markets, led to this decision.
The announcement will effect all 147 employees at the Manistique mill. There will be a transition team in place to shut down the mill, and Future Mark will remain open to fill as many of the immediate orders as possible to transition customers to new suppliers.
Nightingale says they’ll keep trying to find new owners even after the mill closes next Tuesday. The Manistique paper mill opened 95 years ago.
Future Mark is owned by the Watermill Group of Lexington, Massachusetts.
