Paper Excellence has acquired another forestry company, bringing new properties, most in northwestern Ontario, into the fold.
Paper Excellence vice-chairman and chief strategy officer Patrick Loulou, says Paper Excellence has completed the purchase of Resolute Forest Products for $2.7-billion dollars U.S.
He says this makes Resolute a subsidiary of Domtar, which itself was acquired by Paper Excellence for $3 billion dollars U. S. back in 2021.
Loulou says Resolute owns the Thunder Bay pulp and paper mill, and sawmills in Atikokan, Ignace and Thunder Bay, which introduces new products adding they are now well positioned with the increase in capacity at a time of significant shortage in housing stock throughout North America.
He adds it will be business as usual with headquarters remaining in Montreal.
Paper Excellence has a workforce of nearly 10,000 in 40 locations across the Americas and Europe producing more than seven million tons of product annually.