GreenFirst Offered Government Support for Relocating Kenora Mill

GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst” or the “Company”) is pleased to announce that the Government of Ontario has announced that it is prepared to offer a loan of up to $17.2M (the “Loan Facility”) to support the Company’s plan to relocate and redevelop the Kenora sawmill over the next 3.5 years. Completion of the Loan Facility is subject to due diligence and negotiation of binding agreements.

If completed, the Company would be able to draw down on the Loan Facility to cover 20% of its eligible project expenditures provided that the Company meets certain performance parameters including but not limited to job-creation targets and other project milestones.

This strategic relocation would open the necessary expansion opportunities to ensure the mill is viable and sustainable. The Company has identified potential locations for a new mill site within the City of Kenora. In doing so, the company would keep jobs in Kenora and could encourage full-time residents to move back to Kenora. All production from the relocated Kenora sawmill is expected to supply the Canadian market as well as the export market in the United Kingdom.

The Company purchased the sawmill out of receivership on October 5, 2020. GreenFirst owns the facility and associated assets, which include 114 acres of land on the shores of the Lake of the Woods. The present site has limitations for sawmill development, and it is beneficial for the Company to relocate.

“Kenora is one of the most picturesque towns in Northern Ontario. We thank Minister Rickford and the Ontario government for their offer of support to relocate the mill,” said Paul Rivett, Chairman of GreenFirst Forest Products. “The land value as a well-planned development far exceeds its value as a sawmill site. We believe the relocation of the mill will unlock the land for redevelopment that would become a source of pride for the community.”

“The future of the forest sector depends on building success through local projects with big impacts,” said Greg Rickford, Minister of Northern Development, Mines, Natural Resources and Forestry. “By offering to invest in GreenFirst Forest Products, we’re creating local jobs and investing in prosperity in Kenora – ensuring a strong and prosperous forest sector which can provide for communities across Northern Ontario.”
https://greenfirst.ca/2022/04/greenfirst-offered-government-support-for-relocating-kenora-mill/

Related Posts

UPM Raflatac completes the acquisition of AMC AG

UPM Raflatac has completed the acquisition of AMC AG (Advanced Methods of Coating). The acquisition announced in May 2022 was closed on 15 September 2022 after regulatory clearances. AMC AG employs more than 300 people and has two production sites in Northern Germany, in Kaltenkirchen and in Hagenow. UPM Raflatac expects to realize significant synergies through the acquisition. By joining forces with AMC AG UPM Raflatac will accelerate its growth and expand its product portfolio. New product areas include Viscom/Graphics materials which are currently sold under the Intercoat brand, and removable self-adhesive stationary products under the brand names Global Notes and Print Inform. Furthermore, the transaction will strengthen UPM Raflatac’s position in Central Europe.

New Astrolite PC 100® Swatchbooks Now Available

Monadnock Paper Mills, Inc. is pleased to announce additional product offerings for Astrolite PC 100, the luxurious and sustainable fine papers crafted with 100% post-consumer waste (PCW) recycled fiber. Created with a high-fidelity six-color printing process (CMYKOG), the new Astrolite PC 100 swatchbook results in a stunning visual that demonstrates the possibilities when printing on highly crafted recycled papers. These grades are perfect for annual reports, CSR reports, fashion lookbooks, catalogs, product brochures, newsletters, presentation kits, portfolios, pocket folders, corporate stationery, and premium packaging. In addition to the featured print demonstrations, the new Astrolite PC 100 swatchbook features the recently expanded full slate of its three separate product lines: Astrolite PC 100 Velvet, Astrolite PC 100 Smooth, and Astrolite PC 100 Digital+, including a wider range of sheet sizes certified for HP Indigo.

Domtar Announces Price Increase on Sheets and Rolls

Effective with shipments February 12, 2018 the price for the following products will increase by 3%-6%: • Cougar® Rolls and Sheets • Lynx® Opaque Ultra Rolls and Sheets • Husky® Opaque Offset Rolls and Sheets • EarthChoice® Opaque Offset 30% Rolls and Sheets • Domtar Reply Card Rolls and Sheets • EarthChoice® Colors Opaque Text and Cover • EarthChoice® Colors Multipurpose • EarthChoice® Colors Index, Tag and Vellum Bristol • EarthChoice® Hots Text and Cover • EarthChoice® Tradebook • ci2000® • EarthChoice® Envelope including colors • Engineering Laser Bond • Enterprise Postal Advantage™ • Laser Forms Bond including processed rolls and box forms • White Wove Envelope • Domtar Bagstock • Domtar Tablet • Brown Kraft Envelope • Domtar Ink Jet products including processed rolls • Business Papers products including Xerox® Vitality and all Domtar mill and private label brands • Xerox® Bold and Xerox® Revolution products. Price increases apply to all pack types; rolls, folio and cut size. All current standard differentials and upcharges remain in effect.
Back To Top
×Close search
Search