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Domtar signs agreement with Cranberry Business Park Ltd.

Domtar (formerly Paper Excellence) has signed a purchase agreement with Cranberry Business Park Ltd. for the sale of the remaining half of its lands at the former tisk^wat Paper Mill site in Powell River, B.C.

“We are looking forward to contributing to the economic future of Powell River and the region,” said Craig Austin and Thomas Logocki, Cranberry Business Park. “With waterfront access and abundant energy sources, this site has so much potential. We are proud to be part of the revitalization of the city’s Historic Townsite, alongside our neighbour at tisk^wat, the Tla’amin Nation.

“It was a priority for Domtar to find a buyer who would ensure that the lands continue to generate jobs and economic benefit for the broader community well into the future,” said Carlo Dal Monte, vice-president, Legacy Assets.  “In March we returned a substantial portion of the tisk^wat site to Tla’amin Nation. We are proud that the agreements that we’ve reached offer such a bright future for the region.”

Earlier this year, together with Tla’amin Nation, Domtar announced that it was returning a substantial portion of the tisk^wat lands to the Nation. This historic agreement aligns with the company’s commitment to a reconciliation-centered approach to engaging with Indigenous communities.

Closing is expected to take place later in the year, subject to the completion of standard regulatory approvals.