Bidding war erupts over Atcon Plywood plant

Bidding war erupts over Atcon Plywood plant 
Govenment and company dignitaries celebrate
the opening on Atcon Plywood's mill in 2005.

Bids for the former Atcon plywood mill here are coming from both sides of the U.S.-Canadian border.

Just when it appeared that Quebec businessman Pierre Seguin would buy the defunct plant for $2.8 million, a bid of $3.1 million emerged at the 11th hour from American Charles Martin, vice-president of sales and marketing for Multiply Flooring. Both men claim to have experience running wood mills and would plan to re-start operations at the plant that originally opened in 2005.
"Our sole intention in acquiring this plant is to restart the plant to manufacture plywood, and to become the finest plywood plant in North America," Martin told the court where Seguin's deal was expected to be accepted, according to the New Brunswick Business Journal.

A representative of Pricewaterhouse Coopers, the receiver overseeing the mill since Atcon ceased operations last year, reportedly told the court that Martin/s bid should not be recognized because he had not followed the guidelines set by his company. The representative also said he had more confidence in Seguin's offer, leaving the judge to question why the receiver would be prepared to accept $300,000 less.

The judge ultimately adjourned the hearing until August. 15.

Posted by RIch Christianson


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