EAST MILLINOCKET — The owner of a paper mill in East Millinocket says it is going to close in 60 days if a pending deal to sell it and an already closed mill in Millinocket is not finalized.

A spokesman for the parent company of Katahdin Paper tells the Bangor Daily News the company is planning to issue the required Worker Adjustment and Retraining Notice, which provides 60-day notice of a closure.

The East Millinocket mill employs about 450 people. The Millinocket mill has been closed since 2008.

Last week, Meriturn Partners LLC, a San Francisco-based investment group, announced it had signed a letter of intent to acquire the mills if it can negotiate new labor contracts, receive property tax breaks and find other ways to make the plants more efficient.