WISCONSIN RAPIDS, Wis. — The Billerud-owned paper mill in Wisconsin Rapids, Wis. will be sold, the Swedish company announced Thursday.

In a press release, Billerud said it reached terms with Capital Recovery Group, LLC for the sale of the idled mill and related assets. Billerud will continue to own and operate the Wisconsin Rapids converting facility.

Billerud said the mill’s sale followed an “extensive and exhaustive exploration of viable and sustainable alternatives for the mill,” which was idled in July of 2020.

The sale is expected to close next month.

“Billerud believes that this decision is the best alternative for all stakeholders,” said Billerud’s Deputy President and Senior Vice President of Operations for North America Tor Lundqvist. “The sale of the idled Wisconsin Rapids Mill and related assets represents a strategic decision to focus on core business objectives, optimize resources, and align with our long-term strategy to drive sustainable growth. We look forward to finalizing the transaction in the near future and continuing to invest in the converting operation at the site.”

The converting facility will continue to be used to convert rolls of paper made at the Escanaba and Quinnesec mills into folios and digital sheets, as well as sheeting cartonboard imported from Billerud’s European mills.

“We extend our gratitude to the Wisconsin Rapids team and community for their dedication and support of the mill, our company and our customers throughout the strategic exploration process. We are proud of the significant role the mill has

played in the paper and pulp industry’s history and our longtime record of community involvement and partnership, said Kevin Kuznicki, Billerud’s president and general counsel for North America.

Kuznicki went on to say Billerud looked forward to continuing the operation of the conversion facility, which would keep more than 130 jobs in the Wisconsin Rapids area.

During the interim period preceding the closure of the sale, Billerud has authorized Capital Recovery Group to begin promoting a public auction for certain idled and obsolete equipment. The auction will take place after the sale is finalized.

According to its website, Capital Recovery Group is a global private equity firm, based in Connecticut, that specializes in liquidating surplus and revitalizing idle or marginally productive assets. Auctions and providing realty services for industrial properties are a key component of its business.