CBC News has learned the name of the company engaged in negotiations to purchase Tolko’s kraft pulp and paper mill in The Pas, Man. The mill is slated to be shut down in December.
Manitoba Premier Brian Palliser confirmed to CBC News that the potential buyer is American Industrial Acquisition Corp., a New York-based company.
A series of negotiations between Tolko, the potential buyer, and the union representing Tolko workers have led to an agreement by the employees to accept a 10 per cent wage cut if AIAC buys the mill.
Also, the Manitoba government has approved a regulation that will allow the buyer of the mill to defer contributions to the pension reserve fund for three years. Palliser told CBC News the pension concession should help facilitate the sale of the mill.
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