Appvion Plant in Roaring Spring Sold; Four Buyers Purchase Former Paper Mill

Roaring Spring Park LLC, a newly formed group of four buyers, has purchased the Appvion paper mill plant in Roaring Spring with plans to bring life back to the recently closed facility.

William Firestone, president of Capital Recovery Group (CRG) released a statement announcing the purchase of the plant and said efforts are underway to identify the best use of the facility, which could include restarting the paper mill.

Along with CRG, Big Shoulders Capital, Rabin Worldwide and Calbag Metals Company round out the new ownership group.

“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 Big Shoulders Capital Chairman David Muslin.

According to a news release announcing the purchase, the four owners all have a history of repositioning idle assets.

“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 Firestone. “We are optimistic that we can do the same for Roaring Spring Park.”

Steve McKnight, CEO of the Altoona Blair County Development Corporation (ABCD) said the news of the purchase is “encouraging” and that ABCD Corp. will continue to work with the new owners.

“As we have from the start, ABCD Corporation will continue to work with the new ownership group and our elected officials at the state and local levels to bring the former Appvion mill back to life,” he said. “We all recognized this would not happen overnight, and it is very encouraging to see new investors taking charge and exploring a new vision and hopefully manufacturing era for the facility.”

Note: More information will follow in next week's, July 29, edition of the Herald.