West Fraser Completes Sale of Its Two Pulp Mills in Western Canada to Atlas Holdings

April 22, 2024 - West Fraser Timber Co. Ltd. today announced that it has completed the sale of its Quesnel River Pulp mill and Slave Lake Pulp mill (pictured above) to an affiliate of a fund managed by Atlas Holdings following completion of customary regulatory reviews and satisfaction of customary closing conditions.

West Fraser first announced its intention to sell the two pulp mills to Atlas Holdings in September of 2023. At that time, West Fraser said the combined total cash proceeds from the sale are US$120 million.

The mills will be operated by Millar Western Forest Products, which joined the global Atlas family of manufacturing and distribution businesses in 2017.

"We would like to thank our dedicated employees for their many years of service to West Fraser and the communities of Quesnel and Slave Lake," said Sean McLaren, President & CEO West Fraser. "The sale of these two pulp assets, along with the disposition of Hinton Pulp earlier this year, enables West Fraser to focus its resources on becoming the premier building products company in North America."

Quesnel River Pulp and Slave Lake Pulp both produce Bleached Chemi-Thermomechanical pulp ("BCTMP") used to make paper products.

West Fraser Timber Co. Ltd. (TSX and NYSE: WFG) is a diversified wood products company with more than 60 facilities in Canada, the United States, the United Kingdom, and Europe. From responsibly sourced and sustainably managed forest resources, the company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals, and renewable energy.

SOURCE: West Fraser Timber Co. Ltd.