The Paper Excellence Group (through its wholly-owned subsidiary Domtar Corp), and Resolute Forest Products Inc. have entered into an agreement under which Domtar will acquire all of the outstanding common shares of Resolute stock.
With this addition to its family of companies, the Paper Excellence Group will further build out its portfolio in North America following the successful acquisition of Domtar last year.
Patrick Loulou, Vice Chair and Chief Strategy Officer, Paper Excellence Group, commented, “We are excited to welcome Resolute and its employees to the Paper Excellence family. Resolute is an ideal fit for our long-term growth strategy. It complements our existing pulp, paper and packaging businesses and adds capabilities in lumber and tissue. We have seen firsthand that Resolute prides itself on its great people, strong assets and a culture of excellence going back more than two hundred years.”
Resolute will become a wholly-owned subsidiary of Domtar and continue to operate under the Resolute name. The Resolute management team will remain in place at the company’s headquarters. Considering the quality workforce available with Resolute and Domtar, Montreal will become an important hub for the Group’s North American businesses. Furthermore, the Group plans to retain Resolute’s production locations and levels of jobs.