Governor Hochul Announces Twin Rivers Paper Company Acquires Potsdam Specialty Paper INC.

Acquisition Will Save 70 Jobs in the North Country

Twin Rivers Will Expand its Specialty Paper Portfolio with Acquisition

Governor Kathy Hochul today announced that Twin Rivers, a leading producer of specialty paper products, has acquired Potsdam Specialty Paper Inc. (PSPI), a recognized leader in the development and manufacturing of specialty latex, acrylic and other saturated base papers. The acquisition will save 70 jobs and stabilize the paper mill in Potsdam, which was at risk of closing. New York State played a significant role in the transaction, providing funding that will upgrade the Potsdam facility to ensure operations continue at the mill, bolstering the North Country's economy and preserving manufacturing jobs Upstate.

"Keeping good paying jobs in the North Country and strengthening our manufacturing base is exactly the type of win we should be fighting for," Governor Hochul said. "This investment helps secure the future of the Potsdam mill and provides a strategic growth opportunity for Twin Rivers Paper Company, which has operated three paper mills in New York since 2016. It will support the growth of additional jobs and shows that Upstate New York is open for business."

Twin Rivers Paper Company CEO Tyler Rajeski said, "This strategic acquisition adds exciting new papermaking capabilities to Twin Rivers' portfolio. We greatly appreciate the engagement and support from New York State. Their unwavering commitment to the Potsdam mill's future has been instrumental in our ability to preserve good manufacturing jobs in Potsdam for hard-working New Yorkers. PSPI's strong focus on product development and customer collaboration aligns closely with Twin Rivers' core competencies and builds upon our commitment to innovation, operational excellence, and customer-focused growth. We're excited to welcome Mike Huth and the dedicated Potsdam team to Twin Rivers, and we look forward to being a part of the Potsdam community."

To facilitate the acquisition, New York State has awarded a $1.82 million Regional Council Capital Fund grant and up to $180,000 in performance-based Excelsior Jobs Program tax credits in exchange for the company's job commitments. These funds will address deferred capital projects and vital equipment maintenance. This financial backing was instrumental in securing Twin Rivers' commitment to the purchase and local job retention. Additionally, the New York Power Authority Board of Trustees will consider funding for the firm under the Northern New York Power Proceeds program at its upcoming meeting. The funding is comprised of net earnings resulting from the sale of unused hydropower generated at the Power Authority's St. Lawrence-FDR Power Project.

The PSPI acquisition adds 26,000 tons of annual production capacity to Twin Rivers' asset base. With specialized on-machine capabilities including latex saturating, nonwoven/synthetic fiber handling and wet creping, extensive color capabilities, and an advanced off-machine coater, the Potsdam, New York, mill produces highly engineered papers for a wide range of market sectors. Applications include tape base, abrasive backer, durable label, medical (sterilization), wallpaper base, wide format digital substrates, durable book cover and high-end retail packaging.

PSPI CEO Mike Huth said, "The Potsdam team is energized by the opportunity to join the Twin Rivers Paper team. Twin Rivers boasts a solid portfolio of papermaking assets, which will be complemented by our strengths in Potsdam. We're excited about the ability to build upon our mutual legacy of papermaking excellence, enhance the value we bring to existing Potsdam customers with the expertise and resources of Twin Rivers Paper, and serve new customers."

Empire State Development President, CEO & Commissioner Hope Knight said, "Preserving jobs and strengthening the North Country's industrial base are top priorities for Empire State Development. Our partnership with Twin Rivers ensures the Potsdam mill will continue to thrive, maintain 70 jobs for hard-working New Yorkers, and foster the continued growth of innovative, high-performance manufacturing right here in the Empire State."

Read the full press release here.