Rayonier Advanced Materials Completes Sale of Matane, Quebec, High Yield Pulp Mill to Sappi
The Matane mill, located in Matane, Quebec (Canada), has the capacity to produce 270,000 tons per year of aspen and maple high yield pulp. The mill employs 29 people with port access within about 3 miles.
Nov. 4, 2019 - Rayonier Advanced Materials announced today that it has completed its previously announced sale of the Matane, Quebec pulp mill and related assets to Sappi for a total purchase price of US$175 million.
The Matane mill, located in Matane, Quebec, Canada, has the capacity to produce 270,000 tons per year of aspen and maple high yield pulp. The mill employs 29 people with port access within about 3 miles.
Net of fees, expenses and other adjustments, the company expects to receive approximately US$150 million.
As previously disclosed, US$100 million of the proceeds will be used to repay a portion of the company's Senior Secured Credit Facilities, with the remaining funds to be retained by the company and used for general corporate purposes, including funding operations and repaying debt.
Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties. The company also manufactures products for lumber, paper and packaging markets. To learn more, please visit: www.rayonieram.com.
SOURCE: Rayonier Advanced Materials Inc.
Go to a related story on paperAge.com:
» Sappi to Acquire Matane High Yield Pulp Mill in Quebec from Rayonier Advanced Materials for $175 Million - Aug. 1, 2019.