(All financial references are in U.S. dollars unless otherwise noted.)
Madawaska, ME May 20, 2010 - Twin Rivers Paper Company welcomed local, regional and federal officials to the Madawaska mill today for an official opening to communicate the strategy of the new company and to thank state and community leaders for their support through the restructuring process.
“The launch of Twin Rivers represents a new beginning. With a focus on specialty papers, a more competitive cost structure, and continued emphasis on service and innovation, we are well-positioned to achieve long-term profitability,” said Jeffrey Dutton, President and CEO. “Because of the hard work and sacrifice on the part of our employees, the commitment and vision of our leadership team, and assistance from our communities and government, we are operating today. Thank you for the support.”
In outlining the company strategy, Dutton said he expects Twin Rivers will generate approximately $400 million in revenue and manufacture up to 380,000 tons of specialty paper. By focusing on specialty paper, the company will sell a portfolio of sustainable and differentiated products coupled with a market-leading service platform. As Twin Rivers, the company has lowered its exposure to oil and purchased fiber, upgraded its core facilities, and completed significant cost reduction initiatives.
A partial list of attendees included:
State Representative and Retired Employee – Ken Theriault
Town Manager of Madawaska – Christina Therrien
Town Manager of St. Agatha – Christy Sirois
Town Manager of Fort Kent – Don Guimond