OLD TOWN, Maine (AP)   A closed-down paper mill in Maine has been bought by a joint venture that plans to redevelop it into a wood fiber complex housing multiple tenants.

OTM Holdings, LLC announced Wednesday it had purchased the former Old Town pulp mill from MFGR, LLC. The Portland Press Herald reports the sale will save the complex from demolition by the liquidation company that formerly owned the mill.

The University of Maine’s Forest Bioproducts Research Institute Technology Research Center already occupies 40,000 square feet in the mill’s warehouse. OTM says the center will be part of a campus that will capitalize on both the mill’s energy generation capabilities and on the surrounding forestland.

OTM says it is a joint venture by a Maine-based group of companies committed to revitalizing Maine’s forest-based industries.