FutureMark Manistique going out of business
MANISTIQUE — Due to what is being called a lack of funds, FutureMark Manistique is set to close its doors next week.
“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,” FutureMark Manistique CEO Matthew Nightingale said. “Despite this progress, the significant financial support from its ownership and lender group, and the dedication and hardwork 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 on or around Tuesday, March 24.”
The closing of the mill puts 147 people out of jobs. According to company officials, FutureMark Manistique recently started attempting to sell the mill and they intend to continue that process.
ABC 10 first reported on Monday that the mill was rumored to close in the near future.