With the planning of a private railway to Hvittingfoss during the last years of the 1890s, there arose a controversy over the location of a new station in Holmestrand.
In 1916, the Lloyd firm sold all plants and waterfalls rights to a consortium led by a Captain Hjalmar Johansen.
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Industrialist Christian August Anker (1840-1912) developed Hønefoss Træsliberi which started its production of wood pulp in 1881.