DRYDEN, Ont. — The Domtar pulp mill, the largest employer in the city of Dryden, is coming under new ownership.
British Columbia-based Paper Excellence – a global diversified manufacturer of pulp and specialty papers – has struck a deal to acquire Domtar's shares for US$2.8 billion.
The company's Dryden mill supports about 360 local jobs.
In an announcement Tuesday, Paper Excellence said it will continue to operate Domtar as a stand-alone business entity.
"As such, Domtar will continue to be led by its management team and Paper Excellence plans to retain its corporate and production locations," it stated.
The purchase gives Paper Excellence a large footprint in the U.S.
It currently owns seven manufacturing plants in Canada.
Domtar operates 13 paper mills and pulp mills, most of them in the U.S.
Its Canadian headquarters are in Montreal but its principal executive office is in Fort Mill, South Carolina.
