Port Townsend Paper Overview
To learn about issues surrounding PTPC, click here.
Port Townsend Paper was built in 1929, and is just outside city limits of Port Townsend WA, at the inner corner of the Olympic Peninsula.
Ownership — Port Townsend Paper is not your local paper mill. The last few owners have been hedge funds. The current owners are Crown Paper Group, a corporation formed in 2015 (and here) a project of New York based $14 billion hedge fund company Lindsay-Goldberg expressly for the purpose of packaging groups of paper mills for the purpose of reselling. Judging from the last few owners, is “pump-and-dump” becoming a theme?
- In Feb 2015, Crown purchased PTPC and the related box plants in British Columbia, for a kraft pulp mill, and
- In Sept 2015, Crown purchased Montebello Container Corp., which includes three plants in the metropolitan LA area: a sheet feeder company, a sheet plant and a specialty sheet feeder.
- 2018-Jan-3 Crown Paper CEO: PTPC group “would be of interest to multiple parties” (PT Leader)
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Pollution has remained roughly steady despite mandated pollution control improvements over the last decade.
Water source: City of Port Townsend
PTPC uses 12-14 million gallons of water daily, which it gets for free! by lease agreement from the City of Port Townsend. That agreement, originally slated to expire in the 1950’s and repeatedly extended, expires in March 2020.
The mill did not build the water system. Port Townsend floated a bond to build the Olympic Gravity Water System. PTPC purchased the bond and was paid back in full by the 1950’s. PTPC has nominal water system maintenance responsibilities which do not scratch the surface of the value of the water that they are given by the City.
Approximately 280 people work in the mill.
Oversight - a variety of agencies issue permits and have oversight responsiblity for operations of the mill. Air and water, by the WA Dept of Ecology, Landfill by Jeffco Health Dept, and others. Click on link for details.