MONTREAL — Resolute Forest Products Inc., a subsidiary of Domtar Corp. and a part of the Paper Excellence Group, has signed a deal to sell its pulp and paper mill in Thunder Bay, Ont., to an affiliate of U.S. company Atlas Holdings.
Financial terms of the deal were not immediately available.
The sale of the mill is a requirement under an agreement between Domtar and the Competition Bureau in connection to the company's acquisition of Resolute, which will continue to operate its sawmills and woodlands operations in northwestern Ontario.
Resolute says once the sale of the mill is complete it expects to enter into a long-term wood chip and biomass supply deal that will see it continue to provide chips and biomass to the operation.
The agreement is expected to close in the second half of the year and is subject to closing conditions, including required regulatory approvals.
Paper Excellence completed its acquisition of Resolute through its Domtar subsidiary on March 1.
This report by The Canadian Press was first published May 30, 2023.
The Canadian Press
