Earlier this week, International Paper Co., Memphis, Tenn., USA, announced a reinvestment in its Rome, Ga. containerboard mill on the Coosa River in Floyd County. The company was not specific about what the investment would be for, or in which process arena, though it indicated that it would expand overall production capacity.
President of the Greater Rome Chamber of Commerce Al Hodge called it a very significant reinvestment and attorney Andy Davis said the investment will be to the tune of $100 - $150 million dollars, according to a report by the Rome News-Tribune. The report follows an announcement by IP a week earlier that it will permanently close its giant uncoated free sheet mill in Courtland, Ala., early next year.
The Floyd County development authority passed a resolution this past Tuesday morning approving taxable revenue bonds for the acquisition and installation of additional machinery, equipment, and other items for the proposed expansion of the Coosa mill. The aim is to "modernize operations at the plant," which would occur in three different phases over the next three years, the newspaper report noted.
"I am proud that one of our oldest industries is continuing to invest in their operations in our community," said Irwin Bagwell, Floyd County Commission chairman. "International Paper's widely known through our community as an outstanding corporate citizen."
IP employs some 70,000 people worldwide and has operations in more than 24 countries.
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