Each issue of PaperMoney is approximately 500 fact filled pages.
Logout
Click here for Pulp & Paper Radio International
The Paperitalo Library
Free Downloads
Search
My Profile
Login
Management Side
Resolute Investing $40 Million in its NW Ontario Operations
Print

Montreal, Quebec, Canada 25 October 2018 -- /CNW Telbec/ -- Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today announced $40 million in investments at its Northwestern Ontario operations, in addition to $13.5 million in major maintenance and the creation of 25 new jobs. The announcement was made at a press conference in Thunder Bay attended by Ontario Premier Doug Ford, Ontario Minister of Natural Resources and Forestry Jeff Yurek, and many dignitaries and company employees.

"Resolute has a strong operating presence in the region, and we are committed to investing in our facilities to ensure their profitability and long-term competitiveness," stated Yves Laflamme, president and chief executive officer. "A secure fiber supply and sustainable business environment remain critical to future investments in the province."

The investment plan includes $14.7 million for the company's Thunder Bay pulp and paper mill to improve energy efficiency and reduce greenhouse gas emissions, as well as $14.3 million to improve pulp capacity, reduce costs and maintain assets. Resolute also expects to spend $13.5 million in major maintenance at the facility in 2018.

An additional $5.6 million is earmarked for the modernization of the planer line at the company's Thunder Bay sawmill, located on Fort William First Nation land, as well as $5.4 million to optimize its Atikokan, Ignace and Thunder Bay sawmills. These initiatives are expected to increase the annual production capacity of the facilities by a combined 50 million board feet of lumber. Twenty-five full-time jobs have been created.

"Ontario's forestry sector is a very important part of our economy, it is one of the largest employers in the province. A strong forestry sector is essential for our prosperity, and it has a significant impact on the people living in rural and Northern Ontario," said Ontario Premier Doug Ford. "It is because of productive partnerships like ours with Resolute that the sector continues to thrive, and we will continue working to create more opportunities for the people of Ontario."

"Today is a great day for Resolute, and for the future of Ontario's forestry sector," said Jeff Yurek, Minister of Natural Resources and Forestry. "This investment not only emphasizes the opportunities in this sector, but the real need for a Provincial Forestry Strategy -- and we are developing just that. I am confident we can grow our economy, create new jobs and encourage more investments across the province."

"The Fort William/Resolute sawmill partnership is a model of how an Indigenous community and a business can work together to create long-term benefits for both parties," stated Peter Collins, Chief of Fort William First Nation. "We had a vision and invested together to create a cornerstone business on our community lands."

Close to 90% of the new lumber and pulp capacity is destined for export markets. More than half of project expenditures are slated for the last quarter of 2018.

Resolute employs close to 900 workers across its Northwestern Ontario pulp, paper, wood products and woodlands operations. The company has invested approximately $200 million in the region over the past several years.

About Resolute Forest Products

Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products, newsprint and specialty papers, which are marketed in close to 70 countries. The company owns or operates some 40 manufacturing facilities, as well as power generation assets, in the United States and Canada. Resolute has third-party certified 100% of its managed woodlands to internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.

Resolute has received regional, North American and global recognition for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit www.resolutefp.com for more information.

___

Would you like to help create the future and build your own library at the same time? (9-12-18)

****

Are you struggling to fill Maintenance Technician roles? (9-18-18)

 

Related Articles:


Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: