MONTREAL, Sept. 22, 2016 /CNW Telbec/ - Tembec signed a binding agreement with Resolute Forest Products to proceed with the sale of Tembec's Senneterre sawmill operations. This sale is conditional on the transfer of the sawmill's wood supply from Tembec to Resolute. Discussions on this transfer with the provincial government authorities will take place over the next several weeks. Tembec will receive a nominal amount for fixed assets of the sawmill and the forest operations. Certain working capital items are also included in the sale.
This agreement covers sawmill operations, forest operations and the transfer of all employees. The Senneterre sawmill currently employs 124 employees (103 unionized and 21 non-unionized employees).
Tembec is a manufacturer of forest products – lumber, pulp, paper, and specialty cellulose – and a global leader in sustainable forest management practices. Principal operations are in Canada and France. Tembec has approximately 3,250 employees and annual sales of approximately $1.5 billion. Tembec is listed on the Toronto Stock Exchange (TMB).
For further information: Linda Coates, Vice President, Human Resources and Corporate Affairs, Tel.: 416 775-2819, [email protected] ; Michel Dumas, Executive Vice President, Finance and Chief Financial Officer, Tel.: 819 627-4268, [email protected]