Displaying items by tag: Resolute Forest Products

Resolute Forest Products released its Sustainability Report for 2011 Performance, detailing Company efforts to balance environmental, social and economic considerations. The report also publicly introduces Resolute's first company-wide sustainability strategy which has three primary areas of focus:

• Reinforce Resolute's environmental credentials, taking appropriate steps to responsibly manage its environmental footprint;
• Position the Company as a competitive employer, attracting and retaining employees based on opportunities to quickly learn and grow within a dynamic organization; and
• Build solid community relations in Resolute's operating locations, recognizing that economically viable and civically involved companies support long-term regional prosperity.

"Over the past year, we have worked hard to deliver on the sustainability commitments we have made, and meaningful progress was achieved," said Richard Garneau, President and Chief Executive Officer. "As we move forward and implement our new sustainability strategy, we recognize the value of engaging our employees and stakeholders in raising the bar on our sustainability performance."

Resolute's key sustainability accomplishments outlined in the report include:

• Becoming a member in the World Wildlife Fund's prestigious Climate Savers program, which helps companies set and achieve ambitious emission reduction targets. In 2011, the Company reduced its GHG emissions by 6% from 2010 levels, a 62% decrease versus 2000 levels.
• Increasing efforts to certify more Company-managed woodlands operations through the Forest Stewardship Council^® (FSC) Sustainable Forest Management standard, leading to the Company becoming the world's largest manager of FSC-certified forests in 2012.
• Creating a management-level sustainability committee which prepared and is responsible for implementing Resolute's new corporate sustainability strategy.
• Completing a major life-cycle assessment of the Company's eco-friendly family of papers in 2011. These papers were launched in 2012 under the Align™ brand name.

New and continuing sustainability commitments for Resolute include:

• Fiber Sourcing: Increasing FSC forest certification of managed forests from 18% in 2010 to 80% by 2015. Resolute has now certified 51% of its forests to FSC standards and continues to progress towards this target.
• Water: Improving the Company's understanding of its water footprint and voluntarily reporting to the Carbon Disclosure Project's Water Disclosure program.
• Climate Change: Achieving a 65% absolute reduction in scope 1 and 2 greenhouse gas (GHG) emissions by 2015 over the 2000 base year.
• Health and Safety: Achieving an Occupational Safety and Health Administration (OSHA) incident rate of 1.2 or below in 2012, with a long-term goal of zero incidents, zero injuries.
• Communities: Establishing information-sharing community groups by the end of 2013 at Company operations to further enhance community relations efforts.
• First Nations: Drafting a formal Company policy on First Nations relations in 2012.

Resolute's sustainability report for 2011 performance was prepared using the Global Reporting Initiative (GRI) G3.1 guidelines, one of the world's most broadly accepted standards for transparent sustainability reporting. GRI's voluntary reporting guidelines are endorsed by the United Nations Global Compact and used by over 1000 organizations worldwide. Resolute is reporting at the "B" level as defined by GRI guidelines. This is the Company's second GRI-compliant report.

For a copy of the report and for more information on Resolute Forest Products' approach to sustainability, visit the Company's website at www.resolutefp.com/sustainability.

SOURCE: RESOLUTE FOREST PRODUCTS INC.

Resolute Forest Products has rescheduled the dissemination of its third quarter financial results from Tuesday, October 30, 2012, to Friday, November 2, 2012. The postponement is due to the expected effect of weather conditions associated with Hurricane Sandy.

The Company plans to issue a press release announcing the results at approximately 8:00 a.m. (ET) on Friday, November 2, 2012, and will then hold a conference call to discuss those results at 9:00 a.m. (ET). The public is invited to join the call at 888 789-9572 (pass code 9922866) at least fifteen minutes before its scheduled start time. A simultaneous webcast will also be available using the link provided under "Presentations and Webcasts" in the "Investors" section of www.resolutefp.com. A replay of the webcast will be archived on the Company's website.

SOURCE: RESOLUTE FOREST PRODUCTS INC.

Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) has announced that its paper mill in Dolbeau-Mistassini (Québec) is to resume operations. This decision follows the receipt of a notice of acceptance of the tender regarding the sale of electricity to be produced at the Company's Mistassini cogeneration facility to Hydro-Québec. The restart of operations represents an investment of $20 million.

Production of soft nip calendered (SNC and SCB) commercial printing paper will resume as soon as the recall of employees is completed. The restart of the mill will provide direct employment for approximately 135 workers.

"We spared no effort to relaunch the Dolbeau mill because it is a good investment," stated Richard Garneau, President and Chief Executive Officer of Resolute, who was in the Lac-Saint-Jean region to confirm the news. "With today's announcement, Resolute will be more competitive than ever."

The Company is currently assessing its network of paper mills to ensure that production continues to be balanced.

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Cautionary Statements Regarding Forward-Looking Information
Statements in this press release that are not reported financial results 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 and may be identified by the use of forward-looking terminology such as the words "should", "would", "could", "will", "may", "expect", "believe", "anticipate", "attempt", "project" and other terms with similar meaning indicating possible future events or potential impact on Resolute's business or 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 management's current assumptions, beliefs and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. The potential risks and uncertainties that could cause Resolute's actual future financial condition, results of operations and performance to differ materially from those expressed or implied in this press release include, but are not limited to, the possibility of unexpected developments associated with the mill's reopening or its subsequent operation, and all other potential risks and uncertainties set forth under the heading "Risk Factors" in Part I, Item 1A of Resolute's annual report on Form 10-K for the year ended December 31, 2011, filed with the SEC and Resolute's other filings with the Canadian securities regulatory authorities.

All forward-looking statements in this press release are expressly qualified by the cautionary statements contained or referred to above and in Resolute's other filings with the SEC and the Canadian securities regulatory authorities. Resolute 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.

SOURCE: RESOLUTE FOREST PRODUCTS INC.

Resolute Forest Products has announced that it will indefinitely idle the Mersey newsprint mill located in Brooklyn, Nova Scotia. The facility, owned by Bowater Mersey Paper Company Limited (BMPCL), is a joint venture between Resolute (51%) and the Washington Post (49%). The indefinite idling will be effective on Sunday, June 17, 2012. 

"The mill produces newsprint primarily for export markets and is unable to compete due to declining prices in those markets, caused mainly by unfavorable currency fluctuations, stated Richard Garneau, President and Chief Executive Officer of Resolute.  "The decision to indefinitely idle production at the facility was difficult as we are mindful of the impact it will have on affected employees and local communities. We have worked diligently with the provincial government, our employees, union leadership and other stakeholders but simply could not overcome the inherent challenges."

The Company remains committed to customer service and delivery of high-quality products and will work closely with customers to ensure a smooth transition.

This indefinite idling will reduce capacity by approximately 250,000 metric tons of newsprint. Approximately 320 employees at the Mersey paper mill, associated woodlands, Oakhill sawmill and Brooklyn Power Corporation will be affected by this action. Resolute will continue to work collaboratively with governments to ensure that impacted employees are provided support during this transition.

The Company is currently assessing the feasibility of selling all of its assets in Nova Scotia, including its private timberlands, the paper mill, sawmill and Brooklyn Power.

Resolute Forest Products Inc. and Fibrek Inc. have announced that Fibrek has entered into an agreement with RFP Acquisition Inc., a wholly-owned subsidiary of Resolute, for a proposed arrangement (the "Arrangement") to amalgamate and form a new corporation, wholly-owned by Resolute. The Arrangement constitutes the second step transaction for Resolute to acquire all the Fibrek shares not deposited in the take-over bid it launched on December 15, 2011, which expired on May 17.  Resolute holds approximately 74.56% of the outstanding Fibrek shares.

Under the terms of the Arrangement, holders of Fibrek common shares, other than RFP Acquisition Inc., will be given the same choices of per share consideration previously offered in the take-over bid, namely:

• C$0.55 in cash and 0.0284 of a Resolute share; or
• C$1.00 in cash (subject to proration, as described in the circular); or
• 0.0632 of a Resolute share (subject to proration, as described in the circular).

The maximum amount of cash consideration available under the Arrangement is approximately C$18.2 million and the maximum number of shares of Resolute common stock available to be issued is approximately 940,000.

Under the terms of the Arrangement, Fibrek and RFP Acquisition have agreed to apply for an interim order of the Superior Court of Quebec to convene a special meeting of Fibrek's shareholders to vote on the proposed Arrangement. The independent members of Fibrek's board have received an opinion from their financial advisor, Sanabe & Associates, LLC, that the consideration payable to Fibrek shareholders in the Arrangement is fair, from a financial point of view, to the shareholders of Fibrek (other than RFP Acquisition). Based on their own analysis and various other factors, including the fairness opinion, the independent members of Fibrek's board unanimously approved the transaction and have recommended that shareholders vote in favor of the Arrangement. The special meeting is expected to be scheduled for July 23, 2012, with a June 20 record date. Fibrek's motion for the interim order is expected to be heard on June 20.  Resolute, through RFP Acquisition, is committed in the arrangement agreement to vote all of its Fibrek shares, representing approximately 74.56% of the outstanding shares, in favor of the Arrangement.

Subject to the interim order, full details of the transaction will be included in a management information circular, which is expected to be filed by Fibrek with the Canadian securities regulatory authorities and mailed to Fibrek shareholders in the week of June 25. The circular will also contain full details on the terms of the proposed plan of arrangement, the factors considered by Fibrek's independent directors as well as a summary and complete copy of Sanabe & Associates' fairness opinion.

Important Notice

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.

Resolute Forest Products and the World Wildlife Fund (WWF) are pleased to announce that Resolute has become the largest manager of Forest Stewardship Council® (FSC®) certified forests in the world.

The Company recently certified 3.2 million hectares (7.9 million acres) of forestlands in the Lac-Saint-Jean region of Quebec to the FSC Boreal Standard. This certification raises the total area of Resolute-managed FSC-certified forests in North America to 10.3 million hectares (25.6 million acres), an area twice the size of Nova Scotia and larger than Portugal, Hungary or South Korea.

"Becoming the world's largest FSC holder is a major milestone in our efforts to become a positive force for sustainability within the forest products industry," stated Richard Garneau, Resolute's President and Chief Executive Officer. "Resolute's growing commitment to FSC complements other key sustainability initiatives, including the Company's membership in WWF's Climate Savers Program, which helps companies set and achieve ambitious emission reduction targets, as well as membership in the landmark Canadian Boreal Forest Agreement."

FSC is an international certification and labelling system dedicated to promoting responsible management of the world's forests. Co-founded in Canada by WWF in 1993, FSC works to promote environmentally appropriate, socially beneficial and economically viable management of the world's forests. FSC is an important example of how environmental organizations and businesses can work together to conserve important regions and wildlife while ensuring long-term success for industry.

"WWF congratulates Resolute for their FSC-certification achievement," said Gerald Butts, President and Chief Executive Officer, WWF-Canada. "This success, coupled with their commitment to the Climate Savers program, shows the value and importance of making conservation a business priority, and the critical role that corporations can and must play in addressing the major environmental challenges we are facing today."

Under the WWF Climate Savers Program, Resolute has pledged to reduce its absolute greenhouse gas emissions by 65 percent below 2000 levels by 2015. Resolute also made a series of other commitments as part of its Climate Savers membership, including increasing its FSC certification to 80 percent by 2015. With the latest certification, Resolute has passed the halfway point in delivering on its 80 percent commitment.

"Resolute Forest Products has long played an important role in the Ontario forest products industry. Certainly this is a tremendous milestone for Resolute and we are proud of their ongoing commitment to sustainable forest management practices," stated Michael Gravelle, Ontario Minister of Natural Resources. "I want to personally congratulate all the employees of Resolute on this accomplishment, and I look forward to continuing our close working relationship with the Company as we strengthen the sector together."

Resolute will continue working to protect the forests entrusted to its care and to improve its overall sustainability performance, enhancing its reputation as an environmental supplier of choice. Resolute is committed to the three pillars of sustainability - environmental, social and economic.
Resolute Forest Products previously operated as AbitibiBowater. Information about the certifications can be found at www.info.fsc.org under the name AbiBow. The most recent certification is under license code FSC® C108950.

AbitibiBowater Inc., doing business as Resolute Forest Products, has held its annual general meeting of stockholders in Charlotte, North Carolina. At the meeting, shareholders approved a resolution to amend the Company's certificate of incorporation to change its legal corporate name to "Resolute Forest Products Inc.", effective May 24, 2012. As part of this change, stockholders also agreed to change the Company's common stock ticker symbol from ABH to RFP on both the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX), also effective May 24, 2012. Any impact this legal entity name transition may have for Resolute's customers and business partners will be communicated directly to these parties over the coming days.

Other resolutions approved at the annual stockholder meeting, included:

• The election of eight directors for 2012: Richard B. Evans, Richard D. Falconer, Richard Garneau, Jeffrey A. Hearn, Bradley P. Martin, Alain Rhéaume, Michael S. Rousseau and David H. Wilkins.

The ratification of the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the 2012 fiscal year. 

AbitibiBowater Inc., doing business as Resolute Forest Products, has announced that its Board of Directors has authorized the repurchase of up to 10% of the Company's common stock for an aggregate purchase price of up to US$100 million. The repurchase program will be funded using the Company's available cash.

"We are taking advantage of our strong financial position to act on an attractive opportunity to return cash to shareholders," said Richard Garneau, President and Chief Executive Officer. "The Company will continue to manage its capital with the utmost discipline, carefully balancing initiatives to return cash to shareholders with other considerations, such as pursuing sound capital investments and opportunities to further increase Resolute's earnings power.  We are committed to enhancing shareholder value in the long term."

The Company is authorized to repurchase from time to time shares of its outstanding common stock on the open market or in privately negotiated transactions in the United States. The timing and amount of stock repurchases will depend on a variety of factors, including the market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified or discontinued at any time and the Company has no obligation to repurchase any amount of its common stock under the program. The repurchase program has no set expiration date. The company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

AbitibiBowater Inc., doing business as Resolute Forest Products (NYSE: ABH) (TSX: ABH), today announced that it has taken up and accepted for payment 4,762,192 additional shares of Fibrek Inc. (TSX: FBK) deposited to its offer as of the close of business today. Together with the shares the Company acquired up to and including May 14, Resolute holds approximately 74.56% of the currently outstanding Fibrek shares. As aggregate consideration for the shares taken up today, Resolute will distribute approximately 135,000 newly-issued shares of its common stock and CAD$2.6 million in cash through RFP Acquisition Inc., a wholly-owned subsidiary.

The Resolute offer expired at 5:00 p.m. (Eastern time) on May 17, 2012. As further described in the offer circular and other ancillary documentation related to the offer (as amended), Resolute intends to carry out a second step transaction to acquire the Fibrek shares not deposited in the offer. With more than 66 2/3% of the Fibrek shares having been deposited to and taken up by Resolute under its offer, Resolute is in a position to cause a second step transaction to be approved by Fibrek's shareholders at a special meeting of shareholders to be convened and held for such purpose.