By P&PC Staff
By P&PC Staff
Dec. 22, 2017 – Resolute Forest Products has acquired 49-per-cent equity interest held by The New York Times Company in Donohue Malbaie for $20 million, adding to the 51-per-cent share it already owns.
Donohue Malbaie owns and operates a paper machine with an annual production capacity of 224,000 metric tonnes of newsprint in Clermont, Que. Employing 153 workers, the operation also houses all the equipment that produces the thermomechanical pulp supplying the machine. With this transaction, Resolute becomes sole owner of the Clermont operation.
“The New York Times Company has been an outstanding business partner since the late 1960s, and we thank the organization for its support over the years,” said Richard Garneau, president and CEO of Resolute Forest Products. “The time was right for Resolute to take full ownership of Donohue Malbaie, and today’s transaction illustrates the company’s confidence in the operation as well as our continued investment in the Province of Quebec.”
“We’ve relied on the high-quality product produced in the Clermont mill to print The New York Times each day, and we’re grateful to the team there. Resolute will remain our primary supplier of newsprint, and we look forward to a continuing relationship,” added Jim Follo, executive vice-president and CFO of The New York Times Company.