Thursday, July 25, 2013

Brooklyn Power Sale Complete

The sale of Brooklyn Power Corp. in Queens County is complete. The Nova Scotia government announced Thursday the deal has wrapped up after the initial plan was revealed in December. The province purchased Bowater Mersey Paper Company Ltd. from Resolute Forest Products Inc. and changed the name to ReNova Scotia Bioenergy Inc. Emera Energy Inc. has paid $25-million for Brooklyn Power. ReNova hired Deloitte to provide an opinion on the purchase price, and Deloitte concluded that the purchase price of $25-million was fair from a financial point of view. About 30 people work at Brooklyn Power. Region of Queens Mayor, Christopher Clarke, says the facility keeps local people working and maintains an important player in the forestry sector, which is in transition.