Paper Excellence to acquire Catalyst Paper
October 9, 2018 – Paper Excellence Canada has entered into an agreement to acquire the British Columbia–based Catalyst Paper Corporation, including its three facilities located in Crofton, Port Alberni and Powell River, its Surrey distribution centre and headquarters in Richmond.
Catalyst Paper manufactures 1.3 million tonnes of pulp and paper products. These products include industrial packaging, food service, coated groundwood, newsprint and directory papers. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe.
"For months we've been working hard to secure the 1,500 jobs and pensions of Catalyst workers in Crofton, Port Alberni, and Powell River," says B.C. premier John Horgan. "Today's announcement by Paper Excellence is another welcome vote of confidence in B.C. and most of all - the people who add value to our natural forest resources."
"Paper Excellence is evolving into a major player within Canada's forest industry," says Brian Baarda, chief executive officer of Paper Excellence. "This announcement is a continued step towards Paper Excellence's long-term growth plan within Canada and the province. With this acquisition, Paper Excellence is clearly demonstrating its commitment to British Columbia."
Ned Dwyer, Catalyst president and CEO, says, "When complete, this transaction will benefit all of our stakeholders, including our customers, employees, suppliers, the communities where we operate, and BC's pulp and paper and forest products industries."
The transaction will require approval of the Supreme Court of British Columbia as well as the approval of at least two-thirds of the votes cast by Catalyst shareholders. The transaction is expected to close by the end of the fourth quarter 2018 or early first quarter 2019, and is subject to the satisfaction of other customary closing conditions.
Paper Excellence employs 2,600 employees in Canada and has close to 2 million tonnes of pulp production capacity and 550,000 tonnes of paper production capacity through six mills in Canada and two mills in France. The company manufactures NBSK pulp for the paper industry and BCTMP for printing, board and packaging.
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