Closed Ballard County, Kentucky Paper Mill to be Reopened

SEATTLE (Scrap Monster): A Chinese firm- Global Win Wickliffe LLC has announced plans to reopen the shuttered paper mill previously owned by Verso Corporation in Ballard County, western Kentucky. This will be the Global Win Wickliffe’s first operation in the U.S.

A purchase agreement was signed in Governor Matt Bevin’s office, whereby the facility will be purchased for $16 million. The sale is expected to close during Q3 this year. The investment will help the mill produce pulp and brown paper packaging by the end of 2018. The company officials anticipated creation of nearly 500 full-time jobs at the mill. Incidentally, Verso Corp. had closed the mill facility almost two years ago.

Meantime, the Kentucky Economic Development Finance Authority (KEDFA) has granted preliminary approval for performance-based tax incentives of up to $25 million through the Kentucky Business Investment Program. In addition, the company will be eligible to receive resources from the Kentucky Skills Network.

According to Global Win Wickliffe LLC, it plans to refurbish the mill by addition of state-of-the-art equipment, which uses updated technologies. The company has already planned an aggressive strategy for staffing and reopening the mill by early next year. The investment will be used to upgrade the mill’s equipment.

Verso Chief Executive Officer B. Christopher DiSantis noted that the company is pleased to sell its Wickliffe subsidiary and the associated assets, which has been incurring huge carrying cost. The sale will benefit all parties, including the community, the West Kentucky region and state, he said. Meantime, Gov. Bevin said that the paper mill will be a tremendous addition to West Kentucky, creating opportunities for years to come.

As per sources, Kentucky already has seven Chinese-owned facilities. The Ballard County mill will be the eighth such facility, once it opens. Bevin had recently announced his intention to increase that number to 200 over the next two decades.