Belfast startup buys idled paper mill
MADISON, Maine (AP) — A Belfast startup says it has bought the former Madison Paper Industries mill.
The Bangor Daily News reports that building products manufacturing startup GO Lab indicated the deal was worth $1.9 million. The company plans to make wood fiber insulation from softwood chips.
Josh Henry, president of GO Lab, says the insulation will be environmentally friendly. He said most conventional insulation products are made with fossil fuels.
The mill, which is 550,000 square feet, was purchased from New Mill Capital Holdings, a partnership that bought it in December 2017. The mill closed in May 2016, when more than 200 workers lost their jobs.