ND Paper LLC, which owns the Rumford paper mill, announced this week it will restart the Old Town mill early next year.

The company, that's a subsidiary of Nine Dragons Paper Limited, announced on its website this week that it has entered into an agreement with OTM Holdings, LLC to purchase the mill, plus approximately 100 acres of property in Old Town for an undisclosed amount of money. Before it closed in 2015, the Old Town Mill was manufacturing bleached hardwood kraft pulp.

Once it reopens, ND Paper plans to convert it to an unbleached softwood kraft pulp manufacturer, which the company says will increase its production rates and lower input costs. In addition, several of the management and administrative positions will be shared with the company's Rumford Mill, which will also decrease operating expenses.

The company says the mill is expected to reopen in the first quarter of 2019, and will return well over 100 high-paying jobs to Penobscot County. The University of Maine's forest bioproducts research center is expected to stay at the location once the mill resumes operation.

More From WQCB Brewer Maine