The sale of Terrace Bay Pulp to AV Terrace Bay Inc., a subsidiary of Aditya Brila, has been approved by the Ontario Superior Court, despite a last-minute legal challenge by another bidder.
The sale of Terrace Bay Pulp to AV Terrace Bay Inc., a subsidiary of Aditya Brila, has been approved by the Ontario Superior Court, despite a last-minute legal challenge by another bidder.
With the acceptance of the Indian company’s $2-million bid, it was revealed that workers at the mill have ratified a collective agreement with the new owner. Steelworkers Union spokesman Herb Daniher told CBC.ca that the five-year deal includes some concessions.
He said the workers agreed to more liberal contracting out language, no pay increases in the first three years, and small pay increases in the final two years. As well, workers will be responsible for 25% of the cost of their benefits.
The company plans to employ 275 people at the mill, and convert the process to produce dissolving pulp.
Print this page
