Displaying items by tag: Resolute Forest Products

Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) has just announced that it has entered into a definitive asset purchase agreement with New-Indy Containerboard, LLC ("New-Indy") for the sale of its Catawba, South Carolina, paper and pulp mill, for a total purchase price of about $300 million, consisting of $260 million in cash, subject to customary closing adjustments, and the assumption of approximately $40 million of balance sheet liabilities, largely net pension benefit obligations.

Catawba's operation includes a kraft mill and a pulp dryer to produce market pulp, a thermomechanical pulp mill as well as a lightweight coated paper machine. The facility currently employs 460 people.

Under the terms of the asset purchase agreement, New-Indy will offer employment to Catawba employees effective upon closing of the transaction, which is expected at or around year-end. The sale is subject to certain closing conditions.

"This transaction will allow us to realize significant value for an asset whose greatest earnings potential lies with the investment in and diversification of the mill's operations, as proposed by New-Indy," stated Yves Laflamme, president and chief executive officer of Resolute. "We are pleased that the mill will continue to operate and benefit the local community, both economically and socially."

Without the Catawba operation, we estimate that Resolute's operating income, excluding depreciation and amortization, for the 12 months ended June 30, 2018, would have been approximately $25 million, or 5%, lower. Including depreciation and amortization of $15 million, the operating income would have been about $10 million lower. These figures are not indicative of expected results for periods subsequent to June 30, 2018, particularly in light of recent price increases for market pulp and coated paper products.

"We expect to use the proceeds from this asset sale to further reduce our net debt and improve shareholder value," added Laflamme. "We will continue to explore high-return strategic opportunities to grow our core businesses in line with our transformation strategy. Over the coming days, we will communicate with our customers to discuss the impact of the transaction and the transition of supply for their orders of lightweight coated paper and market pulp."

New-Indy is an independent manufacturer and supplier of recycled containerboard to the corrugated box industry. The company was formed in 2012 as a joint venture by The Kraft Group, LLC and Schwarz Partners, LP. Headquartered in Ontario (California), New-Indy operates manufacturing facilities in Ontario and Oxnard (California), Peoria (Illinois) and Hartford City (Indiana), along with a recycling facility in Kendalville (Indiana).

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.

SOURCE Resolute Forest Products Inc.

Resolute Forest Products Inc. has just announced that it has entered into a definitive asset purchase agreement with ND Paper LLC, a subsidiary of Nine Dragons Paper (Holdings) Limited ("Nine Dragons"), for the sale of its Fairmont, West Virginia, recycled bleached kraft pulp mill, for $55 million plus certain elements of working capital, payable in cash.

Nine Dragons is primarily engaged in the production and sale of a broad variety of packaging paperboard products, including linerboard, high-performance corrugating medium, coated duplex board, as well as recycled printing and writing paper and specialty paper.  In addition to nine paper mills operating in Asia, Nine Dragons, through its wholly-owned subsidiary ND Paper, also operates two U.S.-based facilities in Wisconsin and Maine.

ND Paper has agreed to offer employment to Fairmont mill employees, effective upon closing of the transaction, which is expected within the next two months.   

"We are proud of the progress we have made together with the mill employees over the years to improve the Fairmont operation," said Yves Laflamme, president and chief executive officer of Resolute. "We are pleased that the local community and broader region of the state will continue to benefit from the economic and social impact of the mill's operation."

"Proceeds from this asset sale will enable us to further increase liquidity, and continue to improve our balance sheet and financial flexibility," added Laflamme. "Over the coming days, we will communicate with our customers to discuss the transition of supply as we seek to optimize our recycled bleached kraft pulp business at our Menominee, Michigan facility."

BMO Capital Markets is acting as Resolute's financial advisor on the transaction. Davies Ward Phillips & Vineberg LLP and Jackson Kelly PLLC are acting as Resolute's legal counsels.

Resolute Forest Products Inc. is pleased to announce that the United States Department of Commerce is formally revoking the countervailing duty order on supercalendered (SC) paper from Canada, retroactive to August 3, 2015. Collection of cash deposits on imports of SC paper from Canada will cease, and all cash deposits that have been collected from importers of record since August 3, 2015, will be returned with interest. 

Resolute's cash deposits as of June 30, 2018, total $60 million. The company will also receive accumulated interest on these deposits. The precise timing of the refund will be set out in a Federal Register Notice to be published in the upcoming days.   

Revocation of the countervailing duty order is pursuant to issuance today of a final determination in the Changed Circumstances Review that the Department initiated on May 14, 2018. The Department initiated the Changed Circumstances Review after Verso Corporation, the principal remaining producer of SC paper in the United States and the only remaining petitioner, wrote to Commerce Secretary Wilbur Ross on March 21, 2018, that it was no longer interested in the continuation of the countervailing duty order. All other interested parties in the SC paper proceedings, including the federal and provincial governments in Canada, notified the Department that they supported Verso's request for a Changed Circumstances Review. 

Cautionary Statements Regarding Forward-Looking Information

Statements in this press release that are not statements of historical results, performance, financial condition, or other historical information of Resolute Forest Products Inc. are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements regarding the anticipated revocation of the countervailing duty order on supercalendered paper from Canada and return of cash deposits associated therewith. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "will," "expect" and other terms with similar meaning indicating possible future events or potential impact on our business or our shareholders.

The reader is cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on Resolute's management's current assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual performance or outcomes to differ materially from those expressed in this press release. Some of the potential risks and uncertainties that could cause the company's actual future performance or outcomes to differ materially from those expressed or implied in this press release include, the potential risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of the company's annual report on Form 10-K for the year ended December 31, 2017.

All forward-looking statements in this press release are expressly qualified by the cautionary statements set out or referred to above and in the company's filings with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. The company disclaims any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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.

SOURCE Resolute Forest Products Inc

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.

Resolute Forest Products Inc. has just announced major investments totaling $12,956,700 in its La Doré wood products facilities, located in the Lac-Saint-Jean region of Quebec. The announcement was made during a press conference attended by Quebec Premier Philippe Couillard, as well as dignitaries and company employees.

The investments will be used to integrate new technologies into the manufacturing processes in order to sustain the facilities' continuously enhanced performance in an ever-changing competitive environment. Also through these investments, energy efficiency will be improved as operational processes are modernized.

"This is a significant investment for the future of our La Doré facilities," said Yves Laflamme, president and chief executive officer. "We can count on innovation, regional solidarity and the pride our people have in their work to overcome the challenges facing our industry."

Mr. Laflamme also mentioned the efforts of workers, elected representatives and governments, as well as regional economic, education and development organizations, to improve future prospects in the forest products industry.

Resolute employs close to 250 people at the La Doré sawmill, planer mill and finger-jointing facility, and more than 2,000 in the Saguenay–Lac-Saint-Jean region.

The investments announced today involve upgrades to several areas of the operations:

"We will rebuild the infeed section of the sawmill and add multiple programmable logic controllers, allowing the potential of each log to be better identified, used appropriately and optimally cut," explained Gilbert Demers, division vice president, Wood Products – Sawmills and Engineering. "We are also initiating the launch of a new lumber packaging system in the planer mill, using prototypes developed by manufacturers from the region. Finally, we are completing the project by adding two new electric boilers in order to generate the quantity of steam required for drying."

Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) announced that a tentative four-year agreement has been reached with Unifor, subject to ratification by their members. Unifor represents the majority of hourly employees working across the company's Canadian pulp and paper operations.

The master agreement covers eight of Resolute's Canadian pulp and paper mills. The agreement applies to the Amos, Baie-Comeau, Dolbeau, Gatineau, Kénogami and Saint-Félicien facilities in Quebec, as well as the Thunder Bay mill and currently indefinitely idled Thorold operation in Ontario.

"We are pleased that we have reached a tentative agreement with Unifor national and local leadership that recognizes the contribution of employees to the success of the business and provides stability for our customers, shareholders, communities and other company partners," said Yves Laflamme, president and chief executive officer. "Once ratified, this agreement will support long-term investments in our Canadian operations."

The collective agreement covers approximately 1,100 employees represented by Unifor. The agreement builds on the cooperative relationship that has been established between Resolute and Unifor.

Details will not be discussed publicly until the union leadership has had an opportunity to present the agreement to its members.

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.

SOURCE Resolute Forest Products Inc.

Resolute Forest Products Inc. has just announced the selection and appointment of Yves Laflamme as Resolute's new president and chief executive officer, and a member of the Board of Directors, succeeding Richard Garneau. The announcement of Mr. Garneau's retirement today coincides with the announcement of the company's fourth quarter and 2017 annual results.

"The Resolute Board of Directors enthusiastically supports Yves Laflamme's selection, recognizing his good judgment and strong business acumen. Yves has a strong reputation in the industry, a well-refined focus on costs, and built teams that consistently deliver results. There is no better person to lead Resolute into the future," stated Bradley P. Martin, chairman of the Board of Directors. "The choice of an internal candidate to succeed Richard Garneau is a credit to the internal talent developed by the company. Yves' appointment is also a reaffirmation of our strategic direction."

Under Mr. Garneau's leadership, Resolute established a competitive cost structure and diversified asset base, a conservative capital structure and a sustainable business strategy. His unwavering commitment to a safe workplace and environmental stewardship has earned North American and global recognition.

In expressing its appreciation to Mr. Garneau, the Board of Directors recognize his dedication, strength of purpose and personal integrity. "Resolute is a stronger, more dynamic and far more sustainable company today following Richard's seven-year tenure as president and CEO," added Mr. Martin. "Richard personified courageous leadership, not only tackling complex issues but also challenging the status quo. Richard above all else is a man of his word, and Resolute in turn reflects this transparency and integrity. His principled leadership and insistence on truly sustainable outcomes have set the foundation for shared prosperity."

"I am honored to now lead Resolute as we take our next steps, further defining our collective future. We will build on the positive momentum, and continue to make Resolute a profitable and sustainable company," stated Yves Laflamme. "Richard led by example, exemplified principled leadership, and built upon his knowledge with a commitment to life-long learning. We are very pleased that Richard has agreed to stay on in an advisory capacity working with me on specific mandates."

Mr. Laflamme currently serves as senior vice president, Wood Products, Global Procurement and Information Technology for Resolute. He is a 37-year veteran of the industry, as well as Resolute and its predecessor companies. Mr. Laflamme began his career in Finance working at Donohue Inc.'s Saint-Félicien integrated pulp mill and wood products operations in 1981, and moved on to serve as controller for the company's integrated newsprint and wood products facilities in the Abitibi region of Quebec. Over the past 15 years, he held a series of successive roles as vice president and senior vice president, covering the overall wood products business, including both Operations and Sales, as well as the company's former Recycling business. Over the past several years, Mr. Laflamme expanded his scope to also include a wide range of corporate support functions, including IT and Global Procurement, among others. In addition, he led a number of important mandates for the company, including M&A activity and enterprise resource planning (ERP), and has represented Resolute in major negotiations with governments. Mr. Laflamme currently serves as chairman of Resolute-LP Engineered Wood joint ventures, a Board member of Toundra Greenhouse, an Executive team member of the Quebec Forest Industry Council, and is a past chairman of the Canadian Wood Council. He is a CPA (CMA), after pursuing his university education in administration and finance.   

"Yves has the depth of experience, necessary skill set and track record of success, prerequisites for the top job in this challenging industry environment. Yves is a tireless worker who has never lost sight of his roots. He has high expectations and is fair," said Richard Garneau. "Yves' strong leadership traits have positioned Resolute's wood products business as top tier, and have given the company a competitive edge across business cycles." 

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.

SOURCE Resolute Forest Products Inc.

Resolute Forest Products Inc. has just announced the appointment of Patrice Minguez as president of the company's tissue group. This is a new role, reporting to Richard Garneau, president and chief executive officer.

Patrice Minguez will serve as a member of Resolute's Executive Team and will oversee all tissue operations as well as sales and marketing functions. This includes the Atlas Tissue operations in Florida and the new state-of-the-art tissue and converting facilities at Calhoun, Tennessee. He will also be accountable for the company's Calhoun pulp and paper mill.

Founder and former president of Cellynne Holdings, Inc., Patrice Minguez built his business from the ground up, ultimately positioning Cellynne as the biggest independent tissue converter in North America. In addition to his extensive background selling both away-from-home and at-home bath tissue and towel, Mr. Minguez led the successful installation and start-up of new tissue machines, and managed multiple production locations.

"Patrice Minguez has a strong reputation in the marketplace and a proven track record of success. His knowledge, experience and entrepreneurial background will strengthen Resolute's presence in the tissue market," stated Richard Garneau. "Patrice will play an important role in the company's ongoing transformation strategy. Under his leadership, we believe our tissue business will be positioned for sustained growth and performance."

This appointment will take effect on August 1, 2017.

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 over 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.

SOURCE Resolute Forest Products Inc.

Resolute Forest Products Inc. is pleased to announce the successful start-up of its new tissue machine in Calhoun (Tennessee). The first tissue parent roll was produced on February 28, 2017.

The machine will continue its scheduled ramp-up through 2017 and is expected to be producing at maximum capacity toward mid-2018. With its fully operational converting facility, converted tissue products sold from Calhoun are now manufactured entirely from parent rolls produced on-site.

The Calhoun tissue operation, built at Resolute's pulp and paper mill, has the capacity to manufacture 66,000 short tons (60,000 metric tons) annually of premium private-label tissue, including bath and towel, aimed at the at-home market.

With its state-of-the-art machine, three converting lines and integration of pulp from the existing Calhoun pulp mill, this will be one of the most efficient and cost-competitive tissue operations in North America once full production is achieved, positioning Resolute as a key player in this growing market segment.

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 over 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.

Atlas Tissue is pleased to introduce the Green Heritage^® line of recycled tissue products to the at-home market. Atlas Tissue, a business of Resolute Forest Products (NYSE: RFP) (TSX: RFP), is changing the way consumers view recycled products with its Green Heritage premium 100% recycled tissue line that is Soft on you. Easy on the planet.^TM 

The Green Heritage brand is designed to offer today’s environmentally conscious consumers a first-in-class product that is additive-free, septic-safe and so much more. Green Heritage is manufactured with recycled pulp from Resolute’s Fairmont (West Virginia) mill. This allows for precise control of the entire production process, ensuring cost-competitiveness and consistent quality, while offering the flexibility and customization customers demand.

“When comparing Green Heritage products to those of our competitors, third-party testing confirmed that our bath tissue is brighter, thicker and stronger than the leading recycled bath tissues on the market,” stated André Piché, senior vice president, Tissue Business Group, for Resolute Forest Products. “We are confident consumers will appreciate the quality and comfort of our new recycled product line.” 

About Atlas Tissue

Atlas Tissue has a manufacturing capacity of 62,000 short tons of tissue across three paper machines and 11 converting lines located in Hialeah (Miami) and Sanford (Orlando), in Florida. It also operates a paper recycling center in Tampa. Atlas Tissue produces branded and private-label products for at-home and away-from-home channels, and offers both virgin and recycled products, covering a wide range of grades. Branded products are marketed under Windsor Place^®, Green Heritage^®, Bunny Soft^®, Harmony^® and Eversoft^®. Atlas Tissue is the proud recipient of the 2016 Tissue World Mill Award in the Most Energy-Aware Mill category. Visit www.atlastissue.com for more information and learn more about Green Heritage at www.greenheritagetissue.com.

Atlas Tissue is part of Resolute Forest Products Inc., a publicly traded company listed on both the New York Stock Exchange and the Toronto Stock Exchange under the stock symbol RFP.

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 over 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. To learn more about Resolute Forest Products, visit www.resolutefp.com.

SOURCE Atlas Tissue