FAME approval helps maintain 630 jobs in Maine

AP News
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Posted: Jan 13, 2012 4:13 PM
FAME approval helps maintain 630 jobs in Maine

The Finance Authority of Maine says it has approved loan insurance that'll help Twin Rivers Paper Co. maintain more than 600 jobs in Madawaska.

FAME is insuring 90 percent of a $5.3 million loan by the Canadian Imperial Bank of Commerce to provide working capital for Twin Rivers.

FAME says it's part of a larger financial package that will allow the paper company to retain 630 jobs in Madawaska, where it operates a paper mill, and 400 jobs in Edmundston, New Brunswick, where it operates a pulp and energy complex. The company also has a sawmill in New Brunswick.

FAME Chairwoman Susan Snowden says that with the cash infusion she expects the company to remain competitive in the global economy.