Followers | 240 |
Posts | 12050 |
Boards Moderated | 0 |
Alias Born | 04/05/2009 |
Wednesday, March 01, 2023 10:15:09 AM
RICHMOND, BC, March 1, 2023 /PRNewswire/ - The Paper Excellence Group (the "Group"), through its wholly-owned subsidiary Domtar Corporation ("Domtar"), today announced the successful closing of its previously announced acquisition of Resolute Forest Products Inc. ("Resolute") (NYSE: RFP) (TSX: RFP). Today's acquisition creates a stronger and more resilient diversified forest products company, manufacturing a range of pulp products and specialty, printing, writing, and packaging papers, as well as lumber and tissue. The acquisition of Domtar in 2021 and Resolute today significantly increases the Group's scale, overall product offering and geographic reach.
"We are thrilled to welcome Resolute into the Paper Excellence Group. Resolute's business is complementary to our own. It introduces new products to our offering and allows us to welcome an impressive workforce, strengthening our existing team. We are well positioned with the addition of competitive lumber capacity at a time of significant shortage in housing stock throughout North America," stated Patrick Loulou, Vice Chairman and Chief Strategy Officer of the Paper Excellence Group. "Resolute has shown that it shares our values and high standards related to the environment, our communities, and our people."
"Together we are creating a stronger player in the global marketplace. We look forward to collaborating with our new colleagues, generating long-term value and driving sustainable economic activity in the communities where we operate," said Remi G. Lalonde, Resolute's President and Chief Executive Officer. "The combined company will adopt best practices, sharing a common goal of sustainability leadership, and meaningful community engagement and partnerships, including with Indigenous communities."
Under the terms of the agreement, Resolute stockholders are receiving $20.50 for each share of the Resolute common stock. They also receive one contingent value right ("CVR") per share (on a fully diluted basis) entitling the holder to a share of potential future softwood lumber duty deposit refunds on about $500 million of deposits paid by Resolute. Resolute common stock will cease to be listed on the New York Stock Exchange and the Toronto Stock Exchange.
Advisors
Barclays served as exclusive financial advisor to Paper Excellence, and Latham & Watkins LLP, McMillan LLP, McCarthy Tétrault LLP, and Mehigan LLP served as legal advisors.
CIBC Capital Markets served as exclusive financial advisor to Resolute, and Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Stikeman Elliott LLP served as its legal advisors.
Financing
Barclays, CoBank, and Bank of Montreal provided financing to Domtar in connection with the transaction.
About Paper Excellence Group
The Paper Excellence Group is a privately held diversified manufacturer of pulp and specialty, printing and writing, and packaging papers, producing over 7 million tons annually with a workforce of over 10,000 in its nearly 40 locations across the Americas and Europe. Through its individual business units, the Group leverages its operational excellence and sustainable high-quality, cost-effective products to deliver high quality pulp and paper to its customers around the world. For more information on Paper Excellence, please visit www.paperexcellence.com. To learn more about Resolute Forest Products, visit www.resolutefp.com.
SOURCE Paper Excellence Group
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, Founder and CEO of Harwood International
Recent RFP News
- Resolute Completes Sale of Thunder Bay Pulp and Paper Mill • PR Newswire (Canada) • 08/01/2023 01:15:00 PM
- Resolute Completes Sale of Thunder Bay Pulp and Paper Mill • PR Newswire (US) • 08/01/2023 01:15:00 PM
- Résolu conclut la vente de l'usine de pâte et papier de Thunder Bay • PR Newswire (Canada) • 08/01/2023 01:15:00 PM
- Résolu annonce la ratification de la convention collective couvrant des opérations forestières au Québec • PR Newswire (Canada) • 06/02/2023 06:30:00 PM
- Resolute Announces Ratification of Collective Agreement Covering Quebec Woodlands Operations • PR Newswire (US) • 06/02/2023 06:26:00 PM
- Resolute Announces Ratification of Collective Agreement Covering Quebec Woodlands Operations • PR Newswire (Canada) • 06/02/2023 06:26:00 PM
- Resolute Announces Asset Purchase Agreement to Sell the Thunder Bay Pulp and Paper Mill • PR Newswire (US) • 05/30/2023 11:00:00 AM
- Resolute Announces Asset Purchase Agreement to Sell the Thunder Bay Pulp and Paper Mill • PR Newswire (Canada) • 05/30/2023 11:00:00 AM
- Résolu annonce une convention d'achat d'actifs visant la vente de l'usine de pâte et papier de Thunder Bay • PR Newswire (Canada) • 05/30/2023 11:00:00 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM