Paper Excellence Once Again Amongst Corporate Knights Best 50 Corporate Citizens
Paper Excellence has announced that it has once again been voted one of Canada’s 2022 Best 50 corporate citizens by Corporate Knights. This is the fifteenth time that the company has achieved the Best 50 Award with Corporate Knights. Paper Excellence operates six pulp and paper facilities in British Columbia and Saskatchewan. The Best 50 award is judged using key performance indicators that relate to the organization’s raw resource use, emissions profile, social performance, safety performance, and percentage of revenue from clean sources.
“Receiving this award again from Corporate Knights is a tremendous honour, and really speaks to the work Paper Excellence employees do to keep our operations sustainable and environmentally friendly,” said Graham Kissack, VP of EHS & Corporate Communications for Paper Excellence Canada.
85% of Paper Excellence’s total energy use was renewable in 2021, and the company has continued to reduce its greenhouse gas emissions—now down by 66% since 1990. Paper Excellence’s products are certified to numerous independent sustainable forestry standards including the Forest Stewardship Council (FSC), Programme for the Endorsement of Forest Certification (PEFC), and the Sustainable Forestry Initiative (SFI).
Source: Paper Excelence
Paper Excellence Group Enters Into Definitive Agreement to Acquire Resolute for $20.50 per Share and One Contingent Value Right Tied to Potential Duty Deposit Refunds of Up to $500 Million
The Paper Excellence Group, through its wholly-owned subsidiary Domtar Corporation, and Resolute Forest Products Inc., have entered into an agreement under which Domtar will acquire all of the outstanding common shares of Resolute stock. The transaction is expected to close in the first half of 2023. 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 in 2021.
Patrick Loulou, vice chair and chief strategy officer of the 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, under the auspices of the Group, and continue to operate on a business-as-usual basis 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.
As part of its commitment to building a premier North American diversified forest products company and creating long-term growth, the Group intends to support Resolute management’s existing growth strategy, focused on strategic investments in its lumber and pulp businesses, and maximizing the value of its paper and tissue businesses. It also plans to undertake a detailed feasibility study for the eventual conversion of Resolute’s Gatineau, Quebec, newsprint mill to the production of packaging paper.
Furthermore, the Group intends to form long-term partnerships with one or more universities in Quebec and Ontario to spearhead innovation in the field of fiber-based biomaterials.
For full details on the transaction, visit the Paper Excellence Group website.
Source: Paper Excelence
Source: Domtar
