Thunder Bay Pulp and Paper Acquires Thunder Bay Mill from Resolute

Aug. 1, 2023 - Atlas Holdings today announced the closing of the previously announced acquisition of the pulp, newsprint and directory paper mill operations in Thunder Bay, Ontario, from Resolute FP Canada Inc. by Atlas' affiliate, Thunder Bay Pulp and Paper Inc.

Thunder Bay is a leading northern bleached softwood kraft and northern bleached hardwood kraft pulp, paper, newsprint and directory producer. The mill has been a landmark in northwestern Ontario for more than a century.

Kent Ramsay, who has served as General Manager of the Mill since 2019, has been named President of Thunder Bay Pulp and Paper.

"The Atlas team has been working hand-in-hand with our local team to prepare for this day as we begin the next chapter of this Mill's storied history," said Ramsay. "I am proud to continue to lead this team and work with Atlas to stand up the Mill as a thriving, self-sufficient pulp and paper operation and continue our legacy as a hallmark of the Thunder Bay community for many years to come."

Atlas also announced the appointment of paper and packaging industry executive Randy Nebel as Chairman of the Thunder Bay Pulp and Paper Board of Directors. Nebel has extensive experience in the pulp and paper sector, having previously served as President and CEO of Verso Corporation, and President of Longview Paper & Packaging.

Most recently, Nebel has served as Chairman of the Board of Crown Paper Group, which Atlas acquired in October 2022.

"The Board is looking forward to guiding Thunder Bay Pulp and Paper in this new era for the business," said Nebel. "Our deep experience across the pulp and paper industry and time spent supporting businesses with Canadian operations will provide the right foundation and guidance for Thunder Bay as we continue to be a trusted employer as well as a reliable partner to our customers, suppliers, and the Thunder Bay community."

In a press statement, Resolute said that it will continue to operate its sawmills and woodlands operations in Northwestern Ontario. With the closing of the transaction, the parties have entered into certain ancillary agreements, including a long-term woodchip and biomass supply agreement pursuant to which Resolute will continue to provide chips and biomass to the Thunder Bay mill.

Thunder Bay Pulp and Paper is a leading northern bleached softwood kraft and northern bleached hardwood kraft pulp, paper, newsprint and directory producer.

SOURCE: Thunder Bay Pulp and Paper