Richmond, B.C. – Catalyst Paper (“Catalyst”) announced today that it has completed the sale of the company’s U.S. operations to ND Paper LLC, a wholly owned subsidiary of Nine Dragons Paper, a Hong Kong Stock Exchange listed company, for proceeds of US$175 million as previously announced on May 25, 2018.
The transaction includes Catalyst’s Rumford, Maine and Biron, Wisconsin mills along with the Company’s U.S. operations center in Dayton, Ohio.
"We’re pleased to have completed the sale of our U.S. operations to ND Paper,” said Ned Dwyer, Catalyst President and CEO. “The net proceeds of the sale will be used to re-pay a significant share of our debt.”
Catalyst’s B.C. operations, including the company’s pulp and paper mills in Crofton, Port Alberni and Powell River, its Surrey Distribution Centre and Seattle sales office, are unaffected by the transaction.