Kamine Development Corporation and Nicollet Industries, LLC will invest $267 million to establish a new paperboard recycling and production facility through a joint venture. In addition, the green infrastructure and sustainable development partners which will create 210 new jobs.
Prospects of Investment
The 335,000-square-foot Celadon Development Corp. facility will be at the Chesapeake Deepwater Terminal site. The joint venture will convert recycled mixed paper and corrugated cardboard into reusable fiber sheets to supply paper manufacturers in China. The company will use a paper mill dryer system to produce its paper products from waste cardboard at a lower cost. “Virginia has one of the largest and most automated container terminals in the country, and the port has been extremely supportive of our project,” Celadon CEO Tim Zosel said in a statement.
Benefits for Virginia State
At full capacity, Celadon would represent one of the largest exporters in Virginia. Hence, it will approximately $200 million in export value annually. “It is exciting to partner with Celadon Development Corporation on this joint venture,” said Secretary of Commerce and Trade Brian Ball. Gov. Northam approved a $2 million grant from the Commonwealth’s Opportunity Fund to assist the City of Chesapeake with the project. Therefore, the company is eligible to receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program.
Virginia Jobs Investment Program
Secondly, the company is eligible to receive benefits from the Port of Virginia Economic and Infrastructure Development Zone Grant Program. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program. “Celadon Development Corporation’s state-of-the-art operation will produce in-demand fibers from recycled paper products. Thus, benefitting the environment and positioning Chesapeake and the Commonwealth as pioneers of this exciting recycling technology in the U.S.,” said Gov. Northam.
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