Dive Brief:
- FutureMark, a manufacturer of recycled papers, announced the coming closure of its facility in Manistique, MI.
- The company intends to shut down operations by March 24, according to filed state documents. Without support from it's lender and suppliers, the closure could come sooner. Using a state government backed loan three years ago, the company fought off bankruptcy.
- The mill produces paper used in books, magazines, packaging, and commercial printing.
Dive Insight:
Watermill Group, which bought Mantistique Papers in 2012, closed its Alsip, IL location due to “increasingly challenging market conditions.”
The Manistique, MI, plant is now “unable to return to profitability and consistently achieve positive financial results,” according to statement from the company. The company began making paper in Mantistique, MI, in 1920.
Last month, International Paper announced the closure of two of it recycling plants in Memphis, TN, and Denver, CO. The company decided to close the facilities following a number of reviews and an in-depth analysis of its operations.