Harmac loses an investor

Back in 2008, a four groups of investors formed Nanaimo Forest Products and purchased the Harmac pulp mill in Nanaimo, British Columbia when its previous owner, Pope & Talbot, went bankrupt and closed the mill.

One of those 4 main investors has quit the business.

Totzauer Holdings, a Fraser Valley construction company, decided several months ago that they would be unable to live up to their obligations.

The other three groups are the Harmac Employee Owner Group consisting of the mill's 265 workers, Vancouver's Sampson family, and Pioneer Log Homes from Williams Lake. These three investor groups now equally co-own the mill.

The capital that Totzauer invested into the Harmac mill has been returned. The owners are not looking for any new investors.

Read more:

Harmac investor decides to pull out (Times Colonist)