Terrace Bay Pulp sold for $300 million

breaking newsTHUNDER BAY – Terrace Bay Pulp has been purchased by the Aditya Birla Group company Grasim Industries. The reported price is $300 million. The company, which has been closed for the past two months has access to 285,000 tonnes of paper grade pulp capacity. A report from India states that the pulp mill will be converted into rayon grade pulp to be used by Grasim for its viscose staple fibre operations.

Minister of Natural Resources Michael Gravelle is slated to make an announcement today on the changes at the mill.

The AV Group which is making the purchase is the Canadian subsidiary of the Aditya Birla Group.

In October 2011, the mill had an incident that resulted in the closure of the mill. Terrace Bay Mill explosion.