Richmond, British Columbia, Canada 18 March 2019 -- Paper Excellence Canada (PEC) has finalized the acquisition of Catalyst Paper Corporation. This includes its three facilities located in Crofton, Port Alberni and Powell River, its Surrey distribution centre and headquarters in Richmond, B.C.
"This acquisition is a continued step towards Paper Excellence Canada's long-term growth plan within Canada's pulp and paper industry and clearly demonstrates its commitment to the province of British Columbia," said Brian Baarda, Paper Excellence Canada Chief Executive Officer. "Together these combined operations will improve efficiency and sustainability in the forest industry in British Columbia and Canada."
With this acquisition now complete, Paper Excellence Canada's product range expands to include printing papers, specialty and packaging papers and increased pulp production to service our customers worldwide.
"I'm grateful to Paper Excellence for committing to the B.C. forest industry and helping to move it forward. Last year, we stepped up to protect pensions for Catalyst employees and stood up against unfair U.S. trade tariffs - because when forestry is successful, B.C. is successful," said Premier John Horgan. "Our government will keep working hard to revitalize the coastal forest industry, and today's announcement shows that others are committed to that work, too."
"This transaction is good news for our now 3,500 employees, our customers, our operating communities, and British Columbia's pulp and paper and forest products industries," states Baarda.
Barclays acted as exclusive financial advisor to Paper Excellence on the transaction.
Paper Excellence manufactures NBSK Pulp for the paper and tissue industry, and BCTMP for printing, board and packaging, for export to the Asian market.
Catalyst manufactures 1.3 million tonnes of pulp and paper products which include NBSK pulp, industrial packaging, food service, coated ground-wood, newsprint and directory papers.
Paper Excellence has evolved from a new entrant in the value-added natural resources (pulp) industry less than a decade ago to being among one of Canada's larger pulp producers.