The Old Town pulp mill is shutting down and will close by the end of the year, according to a press release from Expera Specialty Solutions.

“Expera successfully restarted the mill,” President and CEO Russ Wanke said on Tuesday. “However, since the restart, the decline of the Canadian dollar exchange rate combined with a significant increase of new pulp capacity has led to a material drop in market pulp prices."

"In addition, wood costs have not moderated in Maine commensurate with demand decline," said Wanke. "The combination of these forces does not allow sustainable operations even with a dedicated and talented team of employees.”

The mill will close by the end of December and put nearly 200 workers out of a job.

The company says its working with the Maine Department of Labor to assist the affected workers.