Paper Excellence Canada (PEC, Richmond, BC) has entered into an agreement to acquire Catalyst Paper Corporation, including its three facilities located in Crofton, Port Alberni and Powell River, its Surrey distribution centre and its headquarters in Richmond, BC. The agreement is subject to regulatory reviews and approvals. Catalyst Paper manufactures 1.3 million tons of pulp and paper products yearly, including industrial packaging, food service, coated groundwood, newsprint and directory papers. Customers include retailers, publishers and commercial printers in North America, Latin America, the Pacific Rim and Europe.
Paper Excellence has evolved quickly – from a new industry exporter within the value-added natural resources (pulp) industry, to being one of Canada’s largest pulp producers. Paper Excellence manufactures NBSK Pulp for the paper industry and BCTMP for printing, board and packaging. Its products are also exported to Asia. Widely recognized for superior quality, PEC’s products are produced from renewable resources which are accredited with PEFC and/or FSC sustainability certifications.
“Paper Excellence is evolving into a major player within Canada’s forest industry,” said Brian Baarda, Paper Excellence CEO. “This announcement is a continued step towards Paper Excellence’s long-term growth plan within Canada and the province. With this acquisition, Paper Excellence is clearly demonstrating its commitment to British Columbia.”
“For months we’ve been working hard to secure the 1,500 jobs and pensions of Catalyst workers in Crofton, Port Alberni and Powell River,” said B.C. Premier John Horgan. ” The announcement by Paper Excellence is another welcome vote of confidence in B.C., and most of all the people who add value to our natural forest resources.” Barclays acted as exclusive financial advisor to Paper Excellence on the transaction.