Paper Excellence B.V. continues its buying spree with an agreement to purchase the assets of Howe Sound Pulp & Paper LP. HSPP operates a pulp and paper facility at Port Mellon, BC, capable of producing 400,000 tonnes of NBSK pulp and 230,000 tonnes of mechanical paper and employs approximately 500 people. HSPP is owned by Canfor Corp. and Oji Paper Co., Ltd. of Japan.
The transaction is subject to customary closing conditions and closing is expected during the third quarter of 2010.
Just three months ago, Paper Excellence, a business unit of Indonesia papermaker Sinar Mas, purchased the idled Mackenzie pulp mill in Mackenzie, B.C. The Dutch company has also purchased two European mills from Tembec earlier this year.
The purchase price was not disclosed.