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ROTHSCHILD, WI (WSAU-WAOW) – Domtar has been sold to Canadian paper maker Paper Excellence for $3 billion, in a deal announced Tuesday morning.
In a press release, Domtar says it will continue to operate “as a stand-alone business entity” with the same management team, and that Paper Excellence will retain Domtar’s corporate and production locations.
“We are excited to add Domtar and its employees to the Paper Excellence global family,” said Joe Ragan, Global Chief Financial Officer of Paper Excellence. “This marks a major step in our global strategy of identifying well-positioned assets and positioning them for growth.
“Domtar is a natural fit for our culture of operational excellence,” he said. “We are enthusiastic about entering the American market as we continually improve Paper Excellence’s ability to serve its expanding blue-chip customer base.”
Domtar confirmed last week that talks were ongoing with Paper Excellence. The sale is expected to close in the second half of 2021.
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