SEATTLE (Scrap Monster): Rayonier Advanced Materials Inc. announced that it has entered into a binding asset purchase agreement with GreenFirst Forest Products Inc. Further to this agreement, Rayonier Advanced Materials Inc. has agreed to sell all of its lumber and newsprint facilities and related assets located in Ontario and Québec. The deal is worth approximately US$214 million including inventory on hand at the time of closing.
The purchase deal covers Rayonier’s six lumber mills which are located in Chapleau, Cochrane, Hearst and Kapuskasing in Ontario and in Béarn and La Sarre in Québec. It also includes one newsprint mill located in Kapuskasing, Ontario. The above facilities, with a nameplate capacity of 755 million board feet, had produced 604 million board feet in 2020.
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In addition to the above, the deal also includes certain real property, machinery, inventory, permits, licenses and other related assets. However, it excludes accounts receivable and accounts payable, said the company press release.
Paul Rivett, Incoming Chairman of GreenFirst Forest Products stated that the company is excited to expand its manufacturing footprint and begin a new chapter with Rayonier Advanced Materials’ sawmill and forestry employees in Ontario and Québec.
Meantime, Paul G. Boynton, President and Chief Executive Officer of Rayonier Advanced Materials thanked the lumber and newsprint management team and employees for their dedicated work and wished them all the very best as they begin a new chapter with GreenFirst.
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