PORT TOWNSEND — The Port Townsend Paper Corp. is changing ownership this week, with a newly formed holding company purchasing the mill and its assets, it was announced on Tuesday.
Crown Paper Group Inc. of Atlanta will close on the sale later this week as it purchases the Port Townsend Holdings Company Inc., which includes Port Townsend Paper Corp. along with Crown Corrugated Co. in British Columbia, which does business as Crown Packaging and Boxmaster.
A sales purchase agreement has been signed and the transaction is expected to be finalized in the next few days, according to company president Roger Hagen.
The amount of the sale will not be publicly disclosed, Hagen said Tuesday.
The purchase will not immediately change operations at the mill, which employs about 300 employees and is Jefferson County’s largest private employer.
Hagen said he plans to stay on as president and there will be no change in personnel in the near future.
The sale process took approximately six months to complete, according to Alan Ulman, a spokesman for the new company.
