Paper Excellence will soon rival West Fraser Timber (TSX:WFG), which has a market cap of $8.6 billion, as North America’s largest forestry company.
On Monday, shareholders with Resolute Forest Products voted in favour of an offer by Richmond-headquartered Paper Excellence Group to buy the company for US$2.7 billion through its newly acquired subsidiary, Domtar, and affiliates.
Given that the company started with a single pulp mill in Canada in 2007, its recent growth spurt has been remarkable in its scale and speed. In total, Paper Excellence acquired seven pulp and pulp-and-paper mills in B.C., but ended up shuttering three of them, one of which was recently sold. The company briefly restarted the Chetwynd mill in May 2015, but shut it down again a few months later. Earlier this year, the company sold the Chetwynd property to Peak Renewables.
The B.C. forest industry is facing a declining timber supply, which partly explains why B.C. companies have shuttered sawmills and pulp mills in the province while expanding into Eastern Canada, the U.S. and Europe.
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