The Paper Excellence Group, manufacturer of pulp and specialty, printing, writing, and packaging papers, today announced the successful closing of its previously-announced acquisition of Domtar, another leading provider of fiber-based products. “The acquisition further establishes Paper Excellence Group as an industry leader, significantly broadening its global reach and expanding its product range to include airlaid nonwovens and containerboard, in addition to significantly increased pulp and paper production.” says the press release issued today, Nov. 30th.
Domtar will operate as a stand-alone business entity within the Paper Excellence Group, with Domtar’s current CEO and management team remaining in place. There are no further changes to operating locations, business plans, or Domtar’s employee base at this time.
“Today marks a major milestone in the growth of the Paper Excellence Group,” said Joe Ragan, Global Chief Financial Officer of Paper Excellence. “We are excited to welcome Domtar and its impressive team to the Paper Excellence family. Under John Williams and Domtar’s capable management, we look forward to Domtar’s continued success across its manufacturing network in the US and Canada.”
“As part of the Paper Excellence Group, the future is bright for Domtar,” said John Williams, President and CEO of Domtar. “We will continue to earn the right to be the supplier of choice to our customers with sustainable paper, pulp and packaging products.”
Under terms of the agreement, Domtar stockholders received USD$55.50 for each share of Domtar common stock. Domtar common stock will no longer be listed for trading on the New York Stock Exchange or the Toronto Stock Exchange.