MADISON, Maine (From the Morning Sentinel) -- Madison Paper Industries, which closed in May and put about 215 people out of work, has been sold to a buyer with plans to put the property back into use as an industrial site.

The mill owners, UPM-Kymmene Inc. and Northern SC Paper Corp., a subsidiary of the New York Times Company, announced the sale of the mill site Friday in an emailed statement, saying the mill property was sold to a "joint venture" of New Mill Capital Holdings of NY, Perry Videx of Hainesport, NJ and Infinity Asset Solutions of Toronto. The emailed statement contained the subject line: "Madison Paper Industries sells related mill assets in the U.S."

In addition, the statement said that the sale is "a continuation of the dissolution of the partnership that was announced in March 2016." The company statement also said the mill's hydro power assets "are currently being marketed separate of today's transaction."

The mill produced supercalendered paper used for magazine publishing and has been in Madison since 1978. It was producing about 195,000 tons of paper annually at the time the closure was announced earlier this year.

The acquisition -- which closed Thursday for an undisclosed price -- includes the real estate of the main paper mill site as well as all mill equipment, according to a news release from New Mill Capital Holdings.

"We are excited to be the new owners of the Madison mill and look forward to working with local and state officials to identify new uses for the mill site," Gregory Schain, principal of New Mill Capital Holdings, said in the release. "Bringing new economic life to the property is a key component to this investment for us, and we feel the site's ample infrastructure and the strong area labor force will be attractive for new industries."

Madison Town Manager Tim Curtis said the news is not all bad, despite the end of the town's legacy of paper making. He said he has had "very positive conversations" with Schain at New Mill Capital.

"They've had some experience with redeveloping industrial sites in the past," Curtis said "They were the ones that redeveloped the Biddeford Hostess manufacturing plant and leased that to FedEx just a couple of years ago. We're excited about the new opportunities; we're kind of sad that our heritage as a paper making town is gone and it doesn't look like it's coming back."

Curtis said what Madison town officials know about the deal is that the site will not be redeveloped into a paper making facility, but it will be redeveloped into "some sort of industry" and there are plenty of options to look at.

The new owners plan to sell certain mill assets that are no longer usable on the property, as well as demolish some structures that are obsolete. Once that process is complete, the property will be re-marketed for alternative industrial uses. Given the site's abundant supply of both power and natural gas, as well as a clear height of over 50 feet, the property is a uniquely attractive asset for a variety of heavy industries, Schain said in the release.

"Our joint venture specializes in sales and partnerships that put idled industrial assets back to productive use, and that will be our primary focus here as well," Leslie Amoils, president of Infinity Asset Solutions, said in a statement.

"Because most of the mill was built in 1980, both the buildings and equipment assets are among the newest of any shuttered paper mill in the Northeast," added David Goodman, Executive Vice President of Perry Videx. "Additionally, they have been maintained extremely well over the years."

Curtis said Madison Paper paid $1.5 million in taxes in 2016, including both the paper mill and equipment and the hydro-electric assets. The new ownership will continue to be on the tax rolls, but there will need to be a reassessment of the mill property and what's usable personal property in April. He said it is too soon to say what the value for taxation will be.

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Join Jim Thompson on the 2nd Annual Papermakers Mission Trip to Guatemala, 22 - 29 July 17. Build houses, talk about the pulp and paper industry. For more information, email jthompson@taii.com with "Guatemala" in the subject line.