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CIB loans $660 million towards Irving-Saint John Mill Modernization
Known as Project NextGen, the mill’s modernization plans include a new recovery boiler, steam turbine and generator to produce up to 145 MW of renewable energy.
The mill’s increased capacity will create more than 600 new jobs in the province’s forestry supply chain.
Saint John Mill is owned and operated by Irving Pulp & Paper, one of New Brunswick’s largest employers and exporters.
The Canada Infrastructure Bank (CIB) has reached financial close on a $660 million loan to Irving Pulp & Paper to support the large-scale modernization of the company’s pulp mill in west Saint John, New Brunswick.
Enabled by the CIB’s partnership, the modernization project consists of replacing 1970s era technology with current best-available solutions to improve productivity and maintain mill competitiveness within the sector. This includes a new recovery boiler, steam turbine and generator to produce up to 145 megawatts of renewable energy.
Iggesund Paperboard announces 150 redundancies
Iggesund Paperboard, a subsidiary within the Holmen group, is currently implementing efficiency measures to secure an efficient business and safeguard the long-term profitability of Iggesund Mill. The redundancies are part of an efficiency package aimed at improving production capacity and reducing costs. Local negotiations with the affected employee organisations will now begin with a view to completing the cutback in personnel before the end of the year. Click Read More below for additional information.