A Hanover-area paperboard and building-products manufacturer has paid $10 million to buy a paperboard mill in New York.
Ox Industries acquired Carthage Specialty Paperboard Inc. and its more-than-125-year-old paper mill in Carthage, New York, on Oct. 25.
Carthage had been operating under financial duress after filing for bankruptcy in February, according to a press release. The company produces uncoated recycled paperboard for industries such as pharmaceuticals and art supplies.
Following the acquisition, Ox Industries renamed the paper mill Ox Specialty Papers LLC.
Despite the financial difficulties, the paper mill’s equipment is in good shape and has great potential, said Kevin Hayward, president of Ox Industries.
“We are excited about this new opportunity as it expands our mill product offering and supports our vertically integrated mill system,” Hayward said in a statement.
The company, based in Conewago Township, has more than 400 employees at nine locations in seven states, said Emily Arigo, an executive administrative assistant at Ox Industries.
Ox Industries acquired a production facility in North Carolina in 2015.