Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) has just announced a $52.3 million strategic investment plan for its Saint-Félicien pulp mill, located in the Lac-Saint-Jean region of Quebec. The announcement was made at a press conference attended by Quebec Premier Philippe Couillard, and many dignitaries and company employees.
"The significant investments at Saint-Félicien are expected to improve several areas of the operation, increasing the average daily production capacity by 76 metric tons and reducing greenhouse gas emissions from the use of fossil fuels by 20%," said Yves Laflamme, president and chief executive officer.
On April 30, 2018, Resolute announced a $13 million investment in its La Doré (Quebec) wood products facilities, also located in Lac-Saint-Jean. In 2016, the company inaugurated Toundra Greenhouse, located adjacent to the Saint-Félicien pulp mill, a $100 million joint venture project with local investors.
During today's press conference, Yves Laflamme thanked local employees, government officials, as well as regional academic and economic development organizations for their continued support and advocacy.
Resolute employs close to 240 workers at the pulp mill, and more than 2,000 in the Saguenay–Lac-Saint-Jean region.
The upgrades are expected to be completed by the end of 2019.