Edmundston, NB May 20, 2010 – Twin Rivers Paper Company welcomed local, regional and federal officials to the Edmundston mill today for an official opening to communicate the strategy of the new company and to thank Provincial and community leaders for their support through the restructuring process.
“The launch of Twin Rivers represents a new beginning. With a focus on specialty papers, a more competitive cost structure, and continued emphasis on service and innovation, we are well-positioned to achieve long-term profitability,” said Jeffrey Dutton, President and CEO. “Because of the hard work and sacrifice on the part of our employees, the commitment and vision of our leadership team, and assistance from our communities and the New Brunswick and federal governments, we are operating today. Thank you for the support.”
In outlining the company strategy, Dutton said he expects Twin Rivers will generate approximately $400 million in revenue and manufacture up to 380,000 tons of specialty paper. By focusing on specialty paper, the company will sell a portfolio of sustainable and differentiated products coupled with a market-leading service platform. As Twin Rivers, the company has lowered its exposure to oil and purchased fiber, upgraded its core facilities, and completed significant cost reduction initiatives.
“At the federal level, with CAD$23 million in credits transferred from Fraser Papers to Twin Rivers, our Pulp and Paper Green Transformation Program is meant to support environmental and energy improvement projects,” explained Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency and Minister for the Atlantic Gateway. “We are pleased that our support is laying the groundwork for a greener and more secure future for Twin Rivers and the pulp and paper industry as a whole.”
The Green Transformation Program funds will be used for projects at the Edmundston pulp mill, generating significant long-term energy and environmental benefits and reducing operating costs. Projects currently submitted for funding will result in the reduction of landfill solid waste, mill effluent, electrical usage and fresh water consumption.
“Our government believes in this company, its employees and the important role they will play in growing our economy and creating opportunities to keep our kids here at home,” said Shawn Graham, Premier of New Brunswick. “Both the Edmundston and Plaster Rock mills have been modernized thanks to funding from our government and with this restructuring, Twin Rivers now has the secure foundation it needs to be a successful player in this very important industry.”
A partial list of attendees included:
Federal Minister of National Revenue and Minister of the Atlantic Canada Opportunities Agency – Hon. Keith Ashfield
Premier of New Brunswick – Hon. Shawn Graham
NB Deputy Premier and Minister Post Secondary Education, Training and Labour and Minister responsible for the Northern New Brunswick Initiative – Hon. Donald Arseneault
Federal Member of Parliament for Madawaska-Restigouche – Jean-Claude D’Amours
Mayor of Edmundston – Jacques Martin
Senator Percy Mockler
Senator Pierrette Ringuette
President and CEO