Atlas Holdings to acquire Resolute’s pulp, newsprint and directory paper mill operations
by CM staff
The transaction is expected to close in the second half of 2023 following customary regulatory approvals.
GREENWICH — Atlas Holdings and Resolute FP Canada Inc., has signing the definitive agreement for an affiliate of Atlas to acquire Resolute’s pulp, newsprint and directory paper mill operations (Thunder Bay) in Thunder Bay, Ontario. The transaction is expected to close in the second half of 2023 following customary regulatory approvals.
Thunder Bay is a northern bleached softwood kraft and northern bleached hardwood kraft pulp, paper, newsprint and directory producer. Resolute’s intention to sell Thunder Bay was announced by Resolute’s owner, Paper Excellence, in October 2022.
Upon closing the transaction, Thunder Bay will operate as a standalone company and a member of Atlas’ global family of manufacturing and distribution businesses, many of which are leaders in pulp, paper and adjacent industries. Atlas’ first platform company, Forest Resources, was established over two decades ago to acquire a recycled corrugating paper mill. Since then, Atlas has successfully partnered with leadership teams to acquire, strengthen and operate a number of pulp and paper businesses, including several in Canada.
“We are extremely excited about the opportunity at Thunder Bay. Atlas is the ideal owner to take this great operation into its next chapter, as a strong and independent company. As always, we will partner with strong local leadership to strengthen Thunder Bay’s operations, to serve Thunder Bay’s customers in a highly responsive fashion, and to strongly support the local and regional community. We recognize Thunder Bay’s historic and unique position in Ontario and the broader pulp and paper industry,” said Atlas Principal Daniel Merriam.
