Paper Excellence Receives Competition Bureau Clearance on Acquisition of Catalyst Paper
On February 7, 2019, the Canadian Competition Bureau issued a no-action letter in respect of Paper Excellence's previously announced agreement to acquire Catalyst Paper.
Feb. 12, 2019 - Paper Excellence Canada Holdings Corporation (“Paper Excellence”) has taken a significant step forward on the road to acquiring Catalyst Paper Corporation. On February 7, 2019, the Canadian Competition Bureau issued a no-action letter in respect of Paper Excellence's previously announced agreement to acquire Catalyst Paper.
Catalyst and Paper Excellence can now move forward with preparations to complete the transaction, subject to the satisfaction or waiver of remaining customary closing conditions.
The transaction involves the purchase of all of the shares of Catalyst. Catalyst owns manufacturing facilities in Crofton, Port Alberni and Powell River, a distribution centre in Surrey and headquarters in Richmond, BC.
- The Crofton mill is an integrated pulp and paper mill with two operating paper machines and two pulp machines. The mill has the capacity to produce 302,000 tonnes per year of newsprint and 336,000 tonnes per year of NBSK pulp.
- The Port Alberni mill has two paper machines and produces directory and lightweight coated paper. The mill has a production capacity of 340,000 tonnes per year of specialty papers.
- The Powell River mill has two paper machines and produces newsprint and uncoated mechanical specialty papers. The mill has a production capacity of 350,000 tonnes per years of specialty papers.
“This acquisition demonstrates Paper Excellence's continuing deep commitment to the province of British Columbia,” states Brian Baarda, Paper Excellence's Chief Executive Officer. “Once finalized, this acquisition confirms Paper Excellence's position as a key player within Canada's forest industry and will benefit all of the stakeholders involved, including our employees, suppliers, customers, the communities where we operate, as well as the pulp and forest products industries.”
Headquartered in British Columbia, Canada, Paper Excellence has nearly two million tonnes of pulp production capacity through five operating mills in Canada and two mills in France. The company manufactures NBSK Pulp for the paper and tissue industry, and BCTMP for printing, board and packaging, for export to the Asian market. To learn more, please visit: www.paperexcellence.com.
SOURCE: Paper Excellence