Transaction advances Twin Rivers’ focus on core specialty and kraft papers business
Madawaska, ME (December 2, 2022) – Twin Rivers Paper Company, a leading producer of specialty and kraft paper products, has reached a definitive agreement to sell its softwood lumber mill in Plaster Rock, New Brunswick, to eastern Canadian lumber manufacturer and North American forest products leader Groupe Lebel.
Group Lebel is a longtime supplier to Twin Rivers Paper. The transaction includes a long-term supply agreement for the Plaster Rock mill to continue providing Twin Rivers Paper with by-product chips and biomass utilized by the company’s pulp and cogeneration operations in Edmundston, New Brunswick.
“The decision to sell the lumber operation is aligned with our strategy of investing in and growing our core business of specialty and kraft paper production,” stated Tyler Rajeski, Chief Financial Officer of Twin Rivers Paper. “Groupe Lebel has long been a valued supplier to our Edmundston pulp operation and we’re pleased to have found a home for our Plaster Rock team members with a trusted partner. We look forward to expanding our relationship with the completion of this sale.”
Pending regulatory and provincial review, the transaction is expected to close early in the first quarter of 2023.
“We’re committed to ensuring a smooth transition for our Plaster Rock employees, customers and suppliers,” added Rajeski. “With Groupe Lebel’s extensive sawmill operations experience and a proven record of investing in their assets and driving operational improvements, we’re confident this transaction will positively impact mill employees, business stakeholders, and the community of Plaster Rock.”
Stifel is acting as Twin Rivers’ exclusive financial advisor for the transaction.
Media Contacts:
Caryn King
caryn.king@twinriverspaper.com
Rebecca Schoenebeck
rebecca.schoenebeck@twinriverspaper.com
