UPDATE – Major expansion of Ashland Sawmill announced

New Markets investments support modernization project that will double annual production capacity and strengthen the regional economy

ASHLAND, Maine, Sept. 16, 2026 (GLOBE NEWSWIRE) — Irving Forest Products, Inc., a subsidiary of J.D. Irving, Limited, is undertaking a modernization project to expand its Ashland Sawmill in Nashville Plantation, Maine. The project will increase production while building on the mill’s history of contributing to the economic resiliency of the Aroostook community.

When complete, the project will double the facility’s annual lumber production capacity from 130 million to 250 million board feet while strengthening its role as a leading manufacturer of dimensional lumber. The project is expected to create and retain the equivalent of 220 permanent, full-time jobs while supporting upstream workers, including foresters and loggers throughout the region. All jobs provide a full benefits package and pay at or above a living wage for Aroostook County.

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The project is supported by the Federal New Markets Tax Credit (NMTC) program and the Maine New Markets Capital Investment Program, which together bring a combined total of $112.9 million of tax credit allocations to the project to help bridge a funding gap by stimulating private investment. The state portion was previously announced by the Finance Authority of Maine (FAME) in June.

This funding has been allocated to seven Community Development Entities (CDEs) in the form of federal and state tax credit allocation. The CDEs include TD Community Development Corporation, Mascoma Community Development, LLC, CEI Capital Management LLC, Evernorth Rural Ventures, Inc., MHIC, CityScape Capital Group, LLC and Stonehenge Capital. Each CDE invests its allocation in the project, and those investments generate approximately $44 million in federal and state tax credits.

The NMTC and Maine New Markets Capital Investment programs catalyze private investment in low-income communities through tax credits, enabling economic development. They are administered by Community Development Financial Institutions Fund (CDFI Fund) and FAME, respectively.

“We deeply appreciate the support of the CDFI Fund, FAME and the CDEs for this important project,” said Jerome Pelletier of Irving Forest Products, Inc. “We are also grateful to Senator Susan Collins for her longstanding support of Maine’s forest products sector. This investment reflects the hard work of our team and our long-term commitment to the region. It will help us support good jobs and continue contributing to the Aroostook community.”

“The Ashland expansion is an important investment in the future of Maine’s forest products industry and the communities that depend on it,” said Jim Irving, CEO of J.D. Irving, Limited. We are grateful for Senator Susan Collins, whose continued support for economic growth and modern rail service in Maine has helped create opportunities for investments like this one.”