GOLab secures financing for construction at Madison mill

$20 bills
$20 bills(Source: MGN)
Published: Dec. 31, 2021 at 6:58 AM EST
Email This Link
Share on Pinterest
Share on LinkedIn

MADISON, Maine (AP) - Belfast-based GO Lab has secured the $85 million in financing needed to begin transforming the former Madison Paper Industries mill.

GO Lab intends to produce three types of wood-fiber insulation, employing 120 people at the Madison mill.

The building products manufacturer bought the mill in 2019 in a $1.9 million deal.

To finance construction, it sold tax-exempt green bonds issued by the Finance Authority of Maine.

Copyright 2021 The Associated Press. All rights reserved.