(Edmundston, NB – December 15, 2014) – Today, Twin Rivers Paper Company released its economic impact report during an event with the Edmundston Region Chamber of Commerce.
“We commissioned the economic impact study to have a better understanding of our role in the communities where we operate,” says Tim Lowe, Chief Executive Officer for Twin Rivers. “As one of the major employers in Northern New Brunswick and Maine, we already know that we directly employ over 1,000 full-time equivalent people in our region. What we learned from the study is that our operations also creates 5,872 indirect or spinoff jobs as a result of Twin Rivers’ activities.”
The report also cites that 2,800 companies supply the three mills to an output of over $1 billion a year representing a total GDP added-value of $424 million.
“Twin Rivers has worked diligently to implement a restructuring plan that has required a lot of hard work and sacrifice by our employees and partners,” says Lowe. “This industry is not growing at the pace it was in the 1980s and 1990s – and that means every mill that is standing today has to get more and more competitive every year.”
As a result of its operations and a stable wood supply from the Forestry Plan, Twin Rivers recently invested:
o $2.5 million for a new kiln at the Plaster Rock lumber mill
o $8 million for process improvements and odor control at the Edmundston pulp mill
o Capital and associated investments in the range of $6-8 million annually
o Up to $3 million each year in the shared-risk pension plans to continue for up to 15 years
“We are invested in the communities where we operate,” says Lowe. “Our plan for Twin Rivers has always been to create a sustainable business that will be well positioned to thrive and grow over the long-term. Although there is still a lot of hard work in front of us, we wanted to report back to our community that our operation continues to have a profound impact on the economic future of the region.”
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Gardner Pinfold Consultants Inc., prepared the report this year using Twin Rivers’ direct expenditures to drive an economic Input/Output model. The Input/Output model captures the relationship amongst industries in the Province or State, measuring how direct expenditures on goods and services by Twin Rivers creates output, jobs and income in the economy.
The total direct, indirect, and induced effects of New Brunswick and Maine operations are as follows:
o Output – A supply chain of over 2,800 companies support the three mills, with a total value of output amounting to $1.04 billion per year
o GDP – The total added-value represents $424 million, much of which is captured in earnings (85%)
o Earnings – Workers throughout the respective state and provincial economies gain $360 million worth of income
o Employment – At least 5,872 full and part-time jobs are created, since Canadian impacts are reported in FTEs rather than jobs
o Taxes – At least $23 million in tax revenues are generated within the state and province, and this does not include all local (municipal) or corporate taxes