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Paper Excellence Canada Holdings to Acquire Northern Resources

Pictou, Nova Scotia, Canada, 30 March 2011 — Paper Excellence Canada Holdings Corporation of Vancouver, British Columbia, has reached an agreement to acquire Northern Resources, the parent company of Northern Pulp Nova Scotia and Northern Timber, Abercrombie Point, Nova Scotia.

“The agreement is good news for the company’s 230 employees, 400 timberlands contract employees, suppliers, and community and business partners as it strengthens the mill’s economic position over the long-term,” said Wayne Gosse, president and chief financial officer, Northern Resources. “A strong demand for the mill’s product globally presents a great opportunity for the mill to be part of a large international network of pulp mills and to diversify and expand its markets.”

The traceability of Northern Pulp’s products to sustainable forest resources is certified by the Sustainable Forestry Initiative (SFI) and the Programme for the Endorsement of Forest Certification (PEFC), exceeding provincial and Canadian national forestry laws and regulations. In January, Natural Resources Canada and the Green Transformation Program Fund recognized the operation’s commitment to environmental improvement by investing CAD 28 million in three clean-tech programs to benefit Northern Pulp mill operations and the surrounding community.

Gosse said Paper Excellence Group has an excellent track record in Canada in terms of business leadership, labor and First Nations partnerships, and environmental stewardship. Paper Excellence operates three mills in Canada: Meadow Lake in Saskatchewan and Howe Sound and Mackenzie in British Columbia, and is in the process of acquiring the long closed Prince Albert mill in Saskatchewan. The Group currently employs more than 800 Canadians.

“We have been impressed by Northern Pulp’s operations, employees, and the quality of stakeholder relationships and partnerships,” said Ed Roste, vice president operations, Paper Excellence Canada. “We welcome Northern Resources into the Paper Excellence family. The Northern Resources team will continue to operate the mill and land holdings under the Northern Pulp name, and there are no job impacts as a result of the transaction. We’re committed to continuing to build productive relationships with labor, First Nations, NGOs, and community partners to achieve balance of social, environmental and economic priorities in industry and forest management.”

Northern Pulp was sold by Neenah Paper three years ago amidst uncertainty about the mill’s future as a result of very difficult business conditions in the forestry sector worldwide. Since then, Northern Pulp’s workforce has improved efficiency and productivity and local management has worked closely with stakeholders to stabilize the business. A CAD 1 million investment in R&D, the acquisition of 422,000 acres of forest land for active management, and a commitment to work with Pictou Landing First Nation on economic development have been instrumental in the mill’s resurgence.


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