BLAIR COUNTY, Pa. (WTAJ)– An investment group has just acquired the property of the former Appvion Paper Mill in Roaring Spring, Pa.
When Appvion closed in March, about 300 employees lost their jobs. Ever since being founded in 1866, the paper mill has been a cornerstone for the community by being one of the largest employers.
According to a press release, the investors are Big Shoulders Capital, Capital Recovery Group, LLC, Rabin Worldwide and Calbag Metals Company. The group has that has a history of success with investing in properties of businesses that have closed and upgrading them to help new businesses get established
“As markets and competition continue to change constantly, we have developed an expertise in
identifying and reconfiguring legacy businesses in a way that creates new value,” said President of Capital Recovery Group (CRG), William Firestone.
The investors believe that they have an opportunity with the property since Appvion has already invested a lot into the property.
“Appvion invested millions of dollars in upgrades to equipment over the years and we see a significant
opportunity, based on current market conditions, to add value to this facility,” said Firestone
The investors see the potential that the property of the former paper mill has.
“We see the potential for this paper mill and are actively working to bring in new owners with
the expertise needed to resurrect the closed facility,” said chairman of Big Shoulders Capital in Northbrook, Illinois, David Muslin.
The turnaround won’t be a quick one, it will take time to find other investors and owners. The investment group are looking at the long-term potential.
“We are purchasing this facility because we believe it has long-term potential,” said Muslin.
According to a Facebook post by Jim Gregory, the people who serve credit for the purchase of the former paper mill are company officials with Roaring Spring borough officials and the sellers.
Sign up for the WTAJ Newsletter for the latest local news, weather and community events that matter to you.