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Tak Investments Invests $60 Million To Establish Recycled Tissue Operation In Franklin, Virginia

07/31/2012
Tak Investments, Inc., through subsidiary ST Tissue, will invest $60 million to establish a recycled tissue plant at International Paper's mill in Franklin, Virginia, with plans to create 85 jobs in Isle of Wight County.

Governor Bob McDonnell said, "Not only will Tak Investments bring significant investment and 85 new jobs to the region, the company will repurpose and put into use a vacant portion of the International Paper mill. It is a perfect fit, as ST Tissue has the opportunity to modify certain paper-making machinery already in the plant to produce its tissue products. The available infrastructure and high-quality machinery, trained workforce and nearby abundant supply of natural resources put Virginia, and Isle of Wight County, ahead of the competition."

"The new ST Tissue operation in Isle of Wight County will allow the company to access an expansive supply chain and take advantage of Virginia's transportation infrastructure and strategic Mid-Atlantic location," said Jim Cheng, Virginia Secretary of Commerce and Trade. "This project is a win-win for all involved, as ST Tissue will benefit from the mill's current assets as well as the region's available workforce.

"We enjoy the challenge of helping rebuild communities that we do business in," said Sharad Tak, President and CEO of Tak Investments, Inc. "A few years ago we acquired a struggling tissue mill in Oconto Falls, Wisconsin, and, with help from the workforce and the surrounding community, we were able to transform the facility into a successful business. We envision the same sort of success here in Franklin, Virginia, because the community has been incredibly supportive of our project and the talent base here is also exceptional."

The Virginia Economic Development Partnership worked with Isle of Wight County to secure the project for Virginia. Governor McDonnell approved a $200,000 grant from the Governor's Opportunity Fund to assist Isle of Wight County with the project. In addition, the company is eligible to receive state benefits from the Virginia Enterprise Zone Program. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company's recruitment, training and retraining activities.
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