AV Group Wins Bidding for Terrace Bay Pulp
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The AV Group, a Canadian subsidiary of Aditya Birla Group, India, is reportedly the successful bidder for Terrace Bay Pulp, with a high bid of $300 million. The AV Group current operates the AV Nackawic and AV Atholville dissolving mills in New Brunswick,, Canada, exporting production to rayon producers in Asia.
The AV Group will convert the Terrace Bay Pulp mill to also produce rayon grade dissolving pulp for export.
Reportedly, Birla will invest more than $250 million over the next two years, converting the facility to produce rayon fiber. In the meantime, the mill will restart and produce and sell paper grade pulp, bringing some of the mill's 275 employees back to work by October.
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