Affair leaders and the provincial government are hailing the sale of three coastal squash and paper mills as a win for the 1,500 workers employed there.
British Columbia-based Catalyst Typescript Corp. has reached an agreement to sell three coastal mills to Paper Value Canada of Richmond, B.C. They are located at Crofton and Port Alberni on Vancouver Isle and Powell River on the northern Sunshine Coast.
Catalyst CEO Ned Dwyer alleges when the transaction is complete it will benefit customers, employees, suppliers, communities where it functions and B.C.’s forest products industry.
Details of the transaction have not been discharged and it will need the approval of the B.C. Supreme Court and at least two-thirds of Catalyst shareholders.
Premier celebrates get the show on the road
Paper Excellence has close to two million tonnes of pulp production capability at its five mills in Canada and two in France.
In a statement, B.C. Premier John Horgan accompanied the sale of Catalyst to Paper Excellence a «major vote of confidence in our territory and people.»
«More importantly, it will help keep families and communities extreme as we continue to revitalize our coastal forest sector,» Horgan said.
The boondocks pledged to protect the pensions of retirees and workers at three three Catalyst bray in the face of possible U.S. tariffs.
Deal provides certainty
Paper High quality CEO Brian Baarda told All Points West guest host Manusha Janakiram the distribute would provide certainty to Catalyst employees and retirees.
He said there choose be no changes to pensions or benefits for any current or former workers as a result of the act.
«The initial feedback from all three communities has been that they’re contented to see that this transaction has been announced,» Baarda said.
«They’re walking on air to see Paper Excellence … continues to make investments for the success of these three artisans.»
Baarda denoted Catalyst was an attractive purchase because its facilities are on tidewater for easier shipping.
Manuscript Excellence sells much of its products to Asia but said the overturning of American fealties on Canadian newsprint could make the U.S. an attractive destination for the mills’ yields once again.
Listen to the full interview with Brian Baarda:
With files from The Canadian Broadcasting and CBC Radio One’s All Points West