Domtar sells Dryden mill to First Quality Enterprises
February 28, 2023 By CFI Staff
Domtar Corporation, a part of the Paper Excellence Group, has entered into an agreement with First Quality Enterprises for the sale of Domtar’s Dryden pulp mill.
The Dryden transaction, expected to close early in the third quarter, is subject to customary closing conditions, including receipt of required regulatory approvals and the closing of the Resolute Forest Products Inc. transaction.
First Quality has made clear to Domtar its commitment to the Dryden mill, its employees and the surrounding community and that First Quality fully intends to continue business operations consistent with past practices.
The sale of the Dryden mill is a requirement under the consent agreement between Domtar and the Canadian Competition Bureau in connection with its review of Domtar’s planned acquisition of Resolute. The sale is subject to regulatory conditions, including approval by the Commissioner of Competition and clearance under the Hart-Scott-Rodino Act.
The Resolute transaction remains on course to close in the first half of 2023, subject to the satisfaction or waiver of the other conditions to the closing of the merger.
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