THUNDER BAY — Resolute Forest Products says it plans to sell its Thunder Bay pulp and paper mill.
"Today's announcement is a clear demonstration of our commitment to timely complete the acquisition of Resolute," said Patrick Loulou, vice-chair and chief strategy officer of the Paper Excellence Group.
It wasn't an easy decision, said Remi Lalonde, Resolute's president and chief executive officer, an Oct. 27 news release.
"This is a very hard thing to do, but we believe it is necessary in order to accelerate our strategic combination with the Paper Excellence Group," Lalonde said. "The mill is an exceptional asset. I am confident that the dedicated and talented team in Thunder Bay will have a prosperous future with any company fortunate enough to have them as part of their organization."
Any sale of the Thunder Bay pulp and paper mill will be contingent upon closing of the announced acquisition of Resolute by Domtar, and to applicable regulatory approvals.
The acquisition of Resolute by Domtar continues to be expected in the first half of 2023, following stockholder and regulatory approvals, and satisfaction of other customary closing conditions, the receipt of which remain outstanding.
This is a developing story and will be updated as more information becomes available.