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Sept 25, 2023

West Fraser sells two pulp mills to Atlas Holdings

West Fraser Timber Co. Ltd. (West Fraser) has announced it has signed a definitive agreement for the sale of its Quesnel River Pulp mill in British Columbia and its Slave Lake Pulp mill in Alberta to Atlas Holdings (Atlas). The agreement includes related woodlands operations and timber holdings in Alberta as well as a long-term fiber supply agreement for the Quesnel River Pulp facility, amounting to US$120 million. The Quesnel River and Slave Lake pulp mills will be operated by Millar Western Forest Products, a company under Atlas. 

 

“We believe this transaction provides these two great assets and teams a strong strategic future while allowing West Fraser to focus our resources on our objective to be the premier wood building products company in North America,” said Ray Ferris, president and CEO of West Fraser. “Atlas Holdings and Millar Western bring deep experience in the pulp sector, and we look forward to continuing to work together as a key fiber supplier to Quesnel River Pulp.” 

 

“Millar Western is highly respected as a leader in wood products in the region and beyond and we look forward to welcoming the Quesnel River and Slave Lake mills to the Atlas family of companies,” said Atlas Partner Neil Mahajan. 

 

The transaction is anticipated to close following a successful completion of customary regulatory reviews and satisfaction of customary closing conditions. West Fraser will provide an update during its third quarter results conference call.

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