Resolute Forest Products Announces Two Major Investments in its Comtois and Senneterre Sawmills
MONTREAL, Nov. 8, 2012 /PRNewswire/ – Resolute Forest Products (NYSE: RFP) (TSX: RFP) announced two major investments today,
totaling C$11 million, at its Comtois sawmill in Lebel-sur-QuÃ©villon,
Quebec, and its Senneterre, Quebec, sawmill.
At the Comtois sawmill, $9 million will be invested in the construction
of a new saw line. This equipment will enhance the sawmill’s
performance by increasing the volume of lumber produced and reducing
fiber loss. The $2 million investment at the Senneterre sawmill will
improve the performance of the planing complex.
Yves Laflamme, Senior Vice President, Wood Products, said that these
investments will reinforce the Company’s competitiveness, which is
essential to maintaining jobs in the northern QuÃ©bec and
“After several difficult years, we believe that these investments will
put us in a good position to benefit from a turnaround in residential
construction in the United States. The upgrades will consolidate our
activities in both regions by creating synergies, stabilizing our
operations and preserving good jobs. The investments will make our two
facilities more competitive and boost their performance. We are all the
more pleased and proud because today’s announcement will generate
substantial economic spinoffs in Abitibi-TÃ©miscamingue and northern
Quebec,” he added.
Given the market outlook for lumber, Resolute Forest Products plans to
focus on wood products. In this regard, President and Chief Executive
Officer Richard Garneau reiterated “the Company’s ongoing commitment to
be a sound, strong, profitable organization that produces top-quality
products and supports sustainable development.” He also repeated
Resolute’s intention to lay the foundations for its development and
growth by investing in competitive assets and promising markets in
order to contribute to the organization’s overall profitability.
Once the work is completed in the second quarter of 2013, the Company
will be well equipped to reduce its conversion costs and improve
product quality. Its competitive position in northern Quebec and
Abitibi-TÃ©miscamingue will be stronger, and the investments will
generate positive economic spinoffs in both regions.
About Resolute Forest Products
Resolute Forest Products is a global leader in the forest products
industry with a diverse range of products, including newsprint,
commercial printing papers, market pulp and wood products. The Company
owns or operates 22 pulp and paper mills and 22 wood products
facilities in the United States, Canada and South Korea. Marketing its
products in more than 90 countries, Resolute has third-party certified
100% of its managed woodlands to sustainable forest management
standards. The shares of Resolute Forest Products trade under the stock
symbol RFP on both the New York Stock Exchange and the Toronto Stock
Resolute and other member companies of the Forest Products Association
of Canada, as well as a number of environmental organizations, are
partners in the Canadian Boreal Forest Agreement. The group works to
identify solutions to conservation issues that meet the goal of
balancing equally the three pillars of sustainability linked to human
activities: environmental, social and economic. Resolute is also a
member of the World Wildlife Fund’s Climate Savers program, in which
businesses establish ambitious targets to voluntarily reduce greenhouse
gas emissions and work aggressively toward achieving them.
SOURCE RESOLUTE FOREST PRODUCTS INC.