Irving Forest Products Expands Ashland Sawmill in Maine

ASHLAND, Maine, Sept. 16, 2026 /CourierPR/ -- Irving Forest Products, Inc., a subsidiary of J.D. Irving, Limited, is set to significantly expand its Ashland Sawmill in Nashville Plantation, Maine. The modernization project, which is expected to be completed soon, will nearly double the facility’s annual lumber production capacity from 130 million to 250 million board feet. This expansion is aimed at bolstering the mill’s role as a leading manufacturer of dimensional lumber and enhancing its contribution to the economic resilience of the Aroostook community.

The project, which will create and retain the equivalent of 220 permanent, full-time jobs, is supported by the Federal New Markets Tax Credit (NMTC) program and the Maine New Markets Capital Investment Program. Together, these programs have allocated a combined total of $112.9 million in tax credit allocations to the project. The state portion of this funding was previously announced by the Finance Authority of Maine (FAME) in June.

The NMTC and Maine New Markets Capital Investment programs are designed to catalyze private investment in low-income communities through tax credits, thereby promoting economic development. The funding has been allocated to seven Community Development Entities (CDEs), including 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, generating approximately $44 million in federal and state tax credits.

Jerome Pelletier, the CEO of Irving Forest Products, Inc., expressed gratitude for the support of the CDFI Fund, FAME, and the CDEs. He stated, "We deeply appreciate the support of the CDFI Fund, FAME and the CDEs for this important project. 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."

Jim Irving, CEO of J.D. Irving, Limited, echoed Pelletier's sentiments, adding, "The Ashland expansion is an important investment in the future of Maine's forest products industry and the communities that depend on it. 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."

TD Community Development Corporation provided $10 million in a New Markets Tax Credit allocation and supported $49 million in NMTC investments, including federal and state investments and bridge equity, to help advance the Ashland Sawmill modernization project.

Traci Vaine, CEO of CCML, emphasized the importance of the project, saying, "This investment reflects the type of catalytic, location-based manufacturing project that NMTCs were designed to support. Irving's sawmill is a cornerstone of Aroostook County's economy, supporting not just mill workers but the loggers, foresters, truckers, and small business owners who depend on a healthy forest products industry."

Beth Boutin, Vice President of Community Investments at Evernorth, highlighted the project's significance, noting, "The Ashland Sawmill is an important part of Maine's forest products sector and source of quality jobs in rural Aroostook County. Evernorth is proud to provide New Markets Tax Credit financing that leverages private investment to modernize the mill, expand its production capacity, and support the workers and an industry integral to northern Maine's rural economy."

Moddie Turay, President and CEO of MHIC, underscored the project's impact, stating, "Rural communities in this part of the country lose employers more often than they gain them, and when a sawmill goes, the jobs rarely come back. The reason we provide our scarce state and federal New Markets Tax Credit allocations to projects like this one is the jobs themselves. These are quality jobs, in a place where they are hard to find, at a company where people have worked for generations. Expanding the Ashland sawmill means Aroostook County keeps critical employment and adds to it."

Paul Hoffman, managing director of CityScape Capital Group, whose affiliate CCG Community Partners LLC provided $10.4 million of Maine State NMCIP allocation, expressed his support, saying, "At CityScape, we look for investments where New Markets financing can make a meaningful and lasting difference in a community. This investment strengthens an important rural employer while helping ensure that a cornerstone of Northern Maine's forest-products economy remains competitive for decades to come."

Stonehenge Capital is also supporting the project, with L'Quentus Thomas, Senior Managing Director of Stonehenge Capital, adding, "This modernization reflects the important role New Markets Tax Credit financing can play in bringing flexible capital to large-scale projects in rural communities. We are pleased to support a business that is deeply connected to Aroostook County's economy and long-term resiliency."

Irving Forest Products rebuilt the Ashland sawmill in 2014, transforming the mill into a modern, world-class facility. Since then, the company has continued to invest in the mill, ensuring it remains a major employer in the region.