IP to Take More Time in Deciding Fate of Franklin Mill
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International Paper Co., Memphis, Tenn., USA, will take "a bit longer" than "early 2011" to determine the fate of its Franklin, Va., mill, according to a report this weekend in the local Virginian-Pilot newspaper. IP shutdown the Franklin mill in April 2010 and said at that time that it would announce in early 2011 what will happen to the property. That deadline has now been extended to ("maybe") the end of June, the newspaper reports.
"We are engaging in more in-depth engineering evaluations, cost analysis, and understanding of environmental permit implications before determining the viability of any of the options," spokeswoman Donna Wadsworth wrote in an e-mail to the Virginian-Pilot last Friday. "We anticipate the studies and decisions regarding the future of the Franklin site assets could be completed by mid-year." She also said IP has narrowed the field to a handful of proposals from bidders.
Reportedly, some of the proposals include producing biodiesel and ethanol on the site. So "it's going to take some time to get the right agreements in place," John Smolak, president and CEO of Franklin Southampton Economic Development, said in the article.
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