Monday, May 12, 2008

Harmac Owners Now in Receivership

Pope & Talbot in Receivership
Harmac Mill is Closed

In what has been called the worst year ever for the forest industry, 160 year old Pope & Talbot have been placed in receivership on Saturday.

The receiver is PricewaterhouseCoopers who will attempt to sell the three mills owned by Pope & Talbot. It is reported that Harmac mill will likely be more difficult to sell than the newer mill at MacKenzie.

It is reported in the Vancouver Sun that an estimated 11,000 forestry jobs have been lost since January 2007.

Locally, Madill Equipment and now Harmac have been victims of the troubles in the forest sector. Both companies employed over 600 full time employees with good, high paying jobs. The local economy will obviously be affected with these closures.

The City of Nanaimo will also see a significant taxpayer removed with the closure of Harmac.

Editor's comment: It would be a really good time for the City of Nanaimo to investigate the possibility of buying the Harmac mill. It could provide a much higher return for the City than Sports centers.

allvoices

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