West Fraser Timber has completed the sale of its Quesnel River Pulp mill, and its Slave Lake Pulp mill to an affiliate of a fund managed by Atlas Holdings following completion of customary regulatory reviews and satisfaction of customary closing conditions. Combined total cash proceeds from the sale are US$120 million.
The mills will be operated by Millar Western Forest Products, which joined the global Atlas family of manufacturing and distribution businesses in 2017.
"We would like to thank our dedicated employees for their many years of service to West Fraser and the communities of Quesnel and Slave Lake," said Sean McLaren, President & CEO West Fraser. "The sale of these two pulp assets, along with the disposition of Hinton Pulp earlier this year, enables West Fraser to focus its resources on becoming the premier building products company in North America."
Quesnel River Pulp and Slave Lake Pulp both produce Bleached Chemi-Thermomechanical pulp ("BCTMP") used to make paper products.
