Newstech buys Hagerstown deinking mill

Belkorp Industries, the parent of Newstech Recycling, bought the former First Urban Fiber deink pulp mill for $ 7.5 million. The mill is expected to incur start-up losses for atleast one year in the beginning. The proceeds from the sale is expected to go to bondholders investing up $180 million for the plant. The two pulp mills which used to deink chemical grade papers into recycled pulp are scheduled to be converted to process groundwood pulps.