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ACQUISITION: DONOHUE OFFERS $80M FOR FINLAY FOREST

Pulp & Paper Canada
May 31, 1999
By Pulp & Paper Canada
Finlay's TMP plant, which started up in late 1995, will operate under the Donohue banner once the deal is approved in early July.
Finlay's TMP plant, which started up in late 1995, will operate under the Donohue banner once the deal is approved in early July.
MONTREAL, QC -- Donohue Inc. has agreed to buy Richmond, BC-based Slocan Forest Products' interest in Finlay Forest Industries Inc. for $80 million. If approved, Donohue acquires the remaining 50.1% share of Finlay, thus becoming sole owner. It gains a 200 000-t/y newsprint and specialty paper mill and two sawmills with a combined annual capacity of 360 million board feet of lumber. The mills are all in Mackenzie, BC. Michel Desbiens, Donohue's president and chief executive officer, pointed out the deal's benefit: "We will increase Donohue's presence in British Columbia and have more flexibility in answering the needs of our newsprint and lumber clients throughout the world." Slocan and Donohue have jointly owned Finlay since 1994. The transaction is subject to the usual regulatory approvals, including that of the minister of forests of British Columbia. It is expected to close in early July.

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