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Feb 14, 2022

Resolute Forest Products buys remaining stake in 2 joint ventures in Quebec

Resolute Forest Products

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MONTREAL -- Resolute Forest Products Inc. is announcing two acquisitions it says will improve the competitiveness of its wood products operations.

The Montreal-based company says it has reached an agreement with Louisiana-Pacific Corp. to buy out its 50 per cent stake in two joint ventures that produce I-joists in the Lac-Saint-Jean region of Quebec for $50 million.

Resolute, which currently owns the other 50 per cent interest, operates the facilities while Louisiana-Pacific sells the products. Its longtime partner has agreed to remain the exclusive distributor of engineered wood products manufactured at the facilities employing 175 people.

Resolute is also purchasing Boralex Inc.'s last remaining biomass cogeneration facility which it operates in Senneterre, Que., for an undisclosed price.

Resolute says the acquisition of the 34.5-megawatt facility adjacent to its sawmill will maximize the use of biomass from its regional operations, generate green power and provide a platform for future growth in the Abitibi-Temiscamingue region.

The acquisitions, which are subject to regulatory approvals, are expected to close in the first half of 2022 and will be funded with cash on hand.

"By acquiring the other 50 per cent of the I-joist partnership, we solidify our presence in the growing and attractive engineered wood products segment with assets we know well, staffed with a talented and dedicated workforce of more than 175 people," Resolute CEO Remi Lalonde said in a news release.