Tembec Sells its Closed Pine Falls Mill to Pine Falls Development Corporation
Montreal, Quebec, Canada, 07 October 2011 – Tembec announced today that Pine Falls Development Corporation (PFDC) has acquired the Tembec Pine Falls, Manitoba mill property and assets. PFDC is an investment project of NRI Global Inc., a company that acquires and manages assets throughout North America.
The site is being sold for nominal net proceeds and the transaction will not impact the company’s financial results as its carrying value had been reduced when the newsprint mill located on site was permanently idled.
The Tembec Pine Falls facility ceased production in September 2009. Permanent closure was announced in 2010. Tembec will transfer the site to PFDC, which has finalized a plan to remediate the site in an approach that allows for investment recovery, site redevelopment, and assured environmental closure.
NRI Global is a private investment firm that acquires distressed or impaired assets. NRI Global has offices in Toronto, Ontario, in Canada, and in Buffalo, New York, USA. The firm specializes in pulp and paper, energy, and resource transactions in North America. NRI Global and its subsidiary companies have operational expertise in finance, environmental remediation, site redevelopment, industrial services, and trade.
Tembec is a large, diversified and integrated forest products company and a global leader in sustainable forest management practices. The company’s principal operations are located in Canada and France. Tembec’s common shares are listed on the Toronto Stock Exchange under the symbol TMB and warrants under TMB.WT. Additional information on Tembec is available at www.tembec.com.
For more information about PFDC, visit www.pinefallsdevelopment.com.