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Abitibi unloads land, not Fort William mill


January 2, 2006
By Pulp & Paper Canada

Abitibi-Consolidated has sold its privately owned timberlands near Thunder Bay, ON. North Star Forestry, a subsidia…

Abitibi-Consolidated has sold its privately owned timberlands near Thunder Bay, ON. North Star Forestry, a subsidiary of Wagner Forest Management, now owns the approximate 196,000 hectares of land, which it bought for $55 million.

Abitibi plans to use this money to pay off some of its debt and for other ‘general corporate purposes.’

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Despite Abitibi’s effort to sell its Fort William mill along with the timberlands, U.S.-based Wagner bought only the land. The future of the facility remains uncertain and the company has said it ‘remains subject to the ongoing in-depth operational review.’ However, the company has also confirmed the objective is to ‘improve the mill’s performance and cost structure, so as to ensure a long-term cost competitive operation.’


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