09/17/2012 08:07 EDT | Updated 11/17/2012 05:12 EST

Catalyst begins sale for Snowflake mill in Arizona, will close later this month

RICHMOND, B.C. - Catalyst Paper says it has begun a sale process for its Snowflake paper mill in Arizona.

The Richmond, B.C.-based pulp and paper company said it is selling the mill in northeastern Arizona along with the equipment and other assets, 19,000 acres of land and subsidiary, the Apache Railway Company.

It is asking potential bidders to submit their offers by Nov. 1.

If there is more than one qualified bidder, Catalyst says it will hold an auction.

The company announced in July that it would permanently close the Snowflake recycle mill in northeastern Arizona and its subsidiary, the Apache Railway Company.

The move will put 308 workers out of a job after production at the operations shuts down on Sept. 30.

The company cited flagging demand for newsprint, price volatility and higher freight costs as reasons for the closure.