MAINE, USA — Sappi North America has completed the sale of its hydroelectric assets on the Presumpscot River, the company announced on Friday.
The buyer of the aforementioned assets is Dichotomy Power, LLC, according to a news release from Sappi.
Sappi's business model focuses on converting wood fiber into products that include graphic paper, dissolving pulp, packaging, and specialty papers.
The release stated Dichotomy is well-versed in the necessary expertise of this area, and the sale will allow Sappi to continue focusing on the "power of renewable resources to benefit people, communities, and the planet."
“We are pleased to have found a strategic buyer in Dichotomy Power, a company with a wealth of expertise in this area, so Sappi can continue to focus on its core competencies,” Mike Haws, president and CEO of Sappi North America, said in the release. “Today’s sale allows us to redeploy resources to further develop our growing businesses.”
