Global Win Wickliffe (GWW) has announced that it will reopen a mill in west Kentucky, with a $150m investment that could create 500 full time jobs.
The company is a subsidiary of Shanying International, which also owns recycling company Cyclelink, a supplier of recycled materials to China.
Governor Matt Bevin announced the purchase from the former owner Verso Corp.
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He said: “Global Win Wickliffe will be a tremendous addition to west Kentucky, and the 500 jobs associated with the reopening of this paper mill will provide opportunities for years to come. Since the facility’s closure two years ago, our economic development team has worked tirelessly alongside Verso to find the right match for the region’s workforce, and we are confident we have found that in the buyer.”
Executives of GWW signed a purchase agreement with representatives of Verso to buy the facility for $16m.
The new owners are planning to refurbish the mill with new equipment and updated technology, with the aim of reopening the mill by the end of 2018 to produce pulp and brown paper packaging.
GWW director of strategy Tom Lawson said: “Global Win is excited to join the people of Kentucky and Ballard County in restarting the Wickliffe mill. This is as much of an investment in people as in new equipment and technology.”
When the deal closes, Wickliffe mill will become Kentucky’s eighth Chinese-owned facility.