The Madison money trail : how TimberHP got into financial trouble- and how it aims to get out

Renee Cordes

Source

Mainebiz

Date

4-21-2025

Pages

20-24

Abstract

The 2016 closure of Madison Paper Industries marked the end of an era for the Kennebec River town of 4,800 which had been home to a paper mill since 1899. It was Maine's fifth major paper mill to close in three years, leaving 214 people jobless and an empty 600,000-square-foot factory.
Two years later, Joshua Henry and Matthew O'Malia bought the building, creating TimberHP, with the goal of manufacturing wood fiber insulation- an environmentally friendly material used for 20 years in Europe where the market has grown close to $800 million. Among their early clients was the College of the Atlantic.

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