The Penobscot Chemical Fibre Company was established in 1882 as a sawmill site in Old Town, Maine, which had been running since about 1860. The Penobscot Development Company was incorporated in 1914 to handle the company's woods department at Great Works, Maine. The Penobscot Purchasing Company, also at Great Works, served as the wood procurement subsidiary. The name of the Penobscot Chemical Fibre Company was changed to the Penobscot Company as voted by the stockholders in 1964. In 1967 the company was acquired by Diamond International Corporation and became the Penobscot Division of Diamond International, producing hardwood and softwood kraft pulp for use in the production of paper tissues, towels, and napkins.
Diamond International itself was the result of several mergers and name changes. It began as the Diamond Match Company, formed in 1881 by the consolidation of twelve already-existing match companies into one. In 1957 it merged with Gardner Board and Carton Company to form Diamond-Gardner; in 1959 it merged with United States Printing and Lithograph Company to become Diamond National Corporation and then became Diamond International in 1964. In 1982 Diamond International was acquired by Sir James Goldsmith and its timberland holdings were put under management of his new firm, Diamond Occidental Forest, Inc. In 1983 the facility at Old Town was purchased by James River Corporation. In 1997 James River merged with Fort Howard, creating Fort James Corporation. In 2000 Georgia-Pacific purchased Fort James Corporation and took over operation of the plant in Old Town.
From the description of Records, 1912-1993 (bulk 1960-1990) (Unknown). WorldCat record id: 60615307
