Kruger Pulp and Paper has informed its employees of a comprehensive diversification strategy to secure the future of Corner Brook Pulp and Paper – contingent on support from a variety of stakeholders including the provincial government, NL Hydro, local municipalities, workers and union leadership.

The company is proposing to invest up to $700 million in what it’s calling a “highly innovative and upgraded manufacturing complex.”

The project will see the current paper mill modernized, adding a new pulp storage facility, the upgrade of site infrastructure and the implementation of chip handling and receiving equipment.

A biomass unloading and drying system will also be installed.

The project will also include spending on the Deer Lake and Watsons Pond hydro facilities to help maximize capacity and the development of a private wind farm to support the operation of the mill site.

Kruger says given the context of what it calls “difficult market headwinds” they require alignment with all stakeholders “without delay” in order to move ahead with the project.