MONTREAL, May 9, 2012 /CNW Telbec/ - Fibrek Inc. ("Fibrek" or the "Company") announced today that following the acquisition of 63.3% of Fibrek by Resolute Forest Products ("Resolute"), each of the members of the board of directors has resigned. The new members of the Board nominated by Resolute are Jacques P. Vachon, Jo-Ann Longworth, Michel Desbiens, Michel Gagnon, Daniel Filion and Richard Garneau who will serve as Chairman of the Board.
Fibrek also announced that the following members of Fibrek's management team have resigned from their positions as corporate officers of the Company, effective immediately, but will ensure an orderly transition to the new management team until May 31, 2012:
- Pierre Gabriel Côté, President and Chief Executive Officer;
- Patsie Ducharme, Vice President and Chief Financial Officer;
- Emmanuelle Lamarre-Cliche, Vice President, Legal Affairs, Sustainable Development and Corporate Secretary;
- Jean-Pierre Benoit, Vice President, Sales and Operations;
- Dany Paradis, Vice President, Change Management and Supply Chain.
The incoming Board of Directors has named a new management team, which includes:
- Richard Garneau, President and Chief Executive Officer;
- Alain Boivin, Vice President, Operations;
- Jo-Ann Longworth, Vice President and Chief Financial Officer;
- Jacques P. Vachon, Vice President, Legal Affairs and Corporate Secretary.
In addition to the above, it was also announced that Investissement Québec has agreed today to amend the change of control provision contained in the term loan such that the change of a majority of the Board of Fibrek by nominees designated by Resolute shall not constitute a change of control of Fibrek (as such term is defined in the term loan) up until the earlier of i) the date of the next annual or special meeting of Fibrek; or ii) June 29, 2012.
Fibrek (TSX: FBK) is a leading producer and marketer of high-quality virgin and recycled kraft pulp. The company operates three mills located in Saint-Félicien, Québec, Fairmont, West Virginia, and in Menominee, Michigan with a combined annual production capacity of 760,000 tonnes. Fibrek has approximately 500 employees. The Saint-Félicien mill provides northern bleached softwood kraft pulp (product known as NBSK pulp) to various sectors of the paper industry mainly in Canada, the United States and Europe, for use in the production of specialized products. The Fairmont and Menominee mills manufacture air-dried recycled bleached kraft pulp (product known as RBK pulp) and primarily supply manufacturers of fine uncoated paper, tissue paper for commercial and industrial uses, and coated paper in the United States.
This press release contains "forward-looking statements" within the meaning of applicable securities laws. These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical facts and include statements concerning Fibrek's future outlook, business strategy, plans, expectations, results or actions, or the assumptions underlying any of the foregoing. Forward-looking statements can generally be identified by words such as "may", "should", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "outlook" and similar expressions. These statements are based on information currently available to Fibrek's management and on the current assumptions, intentions, plans, expectations and estimates of Management regarding Fibrek's future growth, results of operations, performance, business prospects and opportunities and ability to attract and retain customers as well as the economic environment in which it operates. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause actual results of Fibrek to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: actions taken by Abitibi, actions taken by shareholders of Fibrek in respect of Abitibi's unsolicited offer, the possible effect of Abitibi's unsolicited offer on Fibrek's business, general economic conditions, pulp prices and sales volume, exchange rate fluctuations, cost and supply of wood fibre, wastepaper and other raw materials, pension contributions, competitive markets, dependence upon key customers, increased production capacity, equipment failure, disruptions of production, capital requirements and other factors referenced in Fibrek's continuous disclosure filings which are available on SEDAR at www.sedar.com. Readers should not place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this press release and, except as required by applicable securities laws, Fibrek assumes no obligation to update or revise them to reflect new events or circumstances.
For further information:
Vice President and Chief Financial Officer
Media and Other:
Vice President, Legal Affairs and Corporate Secretary