June 10, 2021 - Resoltue Forest Products announced capital investments of $50 million in its wood products operations to support its continued growth.
"The cash generated with our lumber platform in these strong lumber markets provides the opportunity to share benefits directly with shareholders," said Remi G. Lalonde, President and Chief Executive Officer of Resolute. "We're also enhancing long-term value by improving our company fundamentals with investments in high-return and quick payback lumber projects in three key regions for Resolute: the Abitibi in Quebec, Northwestern Ontario and the Southeast U.S."
The $50 million in wood products investments include:
According to Resolute, each of these projects will serve to generate additional value from Resolute's wood products segment across market cycles. The improvements at the U.S. sawmills build on the previously announced investments associated with the restart of the El Dorado (Arkansas) sawmill.
The company anticipates completing all the projects by the end of the third quarter of 2022. Accordingly, it is raising its 2021 capital investments guidance from $100 million to $125 million.
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products and papers, which are marketed in over 50 countries. The company owns or operates some 40 facilities, as well as power generation assets, in the United States and Canada. To learn more, visit: www.resolutefp.com.
SOURCE: Resolute Forest Products Inc.
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