Business
West Fraser to Sell Hinton Pulp in Alberta; Enter Into Long-term Fibre Supply Agreement
West Fraser to Sell Hinton Pulp in Alberta; Enter Into Long-term Fibre Supply Agreement ...
About this update from West Fraser Timber Co. Ltd.
[{"type":"text","content":"\n \n \n \n West Fraser to Sell Hinton Pulp in Alberta; Enter Into Long-term Fibre Supply Agreement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, B.C.\n \n \n ,\n \n \n July 10, 2023\n \n \n /CNW/ - West Fraser Timber Co. Ltd. (\"West Fraser\" or the \"Company\") (TSX and NYSE: WFG) today announced an agreement to sell its unbleached softwood kraft pulp mill in\n \n Hinton, Alberta\n \n to Mondi Group plc (\"Mondi\"), a global leader in sustainable packaging and paper.\n \n \n \n \n \n \n \n \n \n The transaction establishes a long-term partnership between the two companies in the region. Pursuant to the transaction, West Fraser will continue to supply fibre to the\n \n Hinton\n \n mill under long-term contract, via residuals from West Fraser's\n \n Alberta\n \n sawmills. Mondi's intention, subject to pre-engineering and permitting, is to invest €400 million in the expansion of the\n \n Hinton\n \n mill, primarily for a new 200,000 tonne per annum kraft paper machine, anticipated to be operational from the second half of 2027.\n \n \n \"This transaction creates a sustainable long-term future for the pulp mill, while maintaining the integrated fibre supply chain in place with West Fraser's operations in the region,\" said\n \n Ray Ferris\n \n , West Fraser's President & CEO. \"The relationship with Mondi puts the\n \n Hinton\n \n pulp mill in the hands of a global industry leader, with the vision and experience to maximize opportunities for local employees and the community. We look forward to a mutually beneficial long-term relationship with Mondi and our other stakeholders in\n \n Alberta\n \n .\"\n \n \n Mondi is an integrated packaging and paper company employing 22,000 people across 100 production sites in more than 30 countries. Mondi has a premium listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.\n \n \n Commenting on the acquisition,\n \n Andrew King\n \n , Mondi Group CEO, said: \"We are delighted to be making this investment in\n \n Canada\n \n ...