Manistique, Michigan 18 March 2015 -- (From Upper Michigans Source.com) -- FutureMark Manistique confirmed Wednesday 18 March 2015 the company is shutting down the paper mill. FutureMark says due to large cash needs to fully reposition the mill, it will close on or around 24 March 2015.

The company recently started marketing the mill and will continue the process. The mill employs 147 workers and the announcement will affect all positions at the mill.

"This is an extremely difficult decision for us given the exceptional efforts put forth at the Manistique mill since it emerged from bankruptcy in 2012 to reposition the mill's grade mix and invest strategic capital to improve the operational and financial performance of the mill," said Matthew Nightingale, CEO of Manistique. "Despite this progress, the significant financial support from its ownership and lender group, and the dedication and hard work of all the Manistique employees, the mill was unable to return to profitability and consistently achieve positive financial results. This, combined with the ongoing challenges in the paper markets, have led to the decision to close the FutureMark Manistique mill."

The company says the mill will remain open to fulfill as many immediate orders as possible. A transition team will remain on site for a period of time to shut down the mill, maintain the facility and infrastructure, and support customers in the transition of products and services.

"Right up to today's announcement we have been pursuing every option to keep the mill running including a capital raise or an outright sale to a new owner. We had a number of possibilities, but today it became apparent that none would go forward in the time frame needed to keep the plant operating. We will continue these efforts even after closing the mill. We appreciate the tireless efforts of all of our Manistique employees and the warm support the community and local government have extended to us throughout our 95 years of operation in this region," said Nightingale.