Domtar stockholders have approved the sale of the Montreal and South Carolina-based pulp and paper giant to Paper Excellence of Richmond, B.C.
At a July 29 virtual meeting, Domtar shareholders voted more than 81 per cent to accept the sale of common stock to Paper Excellence in an all-cash deal worth $3.77 billion, first announced in May.
The acquisition, expected to be finalized at year's end, takes Canada and U.S.-listed Domtar private.
Paper Excellence said it intends to continue the operations of Domtar as a stand-alone business entity. Domtar's management team will stay in place and Paper Excellence plans to retain its corporate and production locations.
Headquartered in Montreal and South Carolina, Domtar employs 6,400 employees globally, making market pulp and variety of specialty and packaging papers.
Paper Excellence picks up nine processing plants in the U.S., 12 pulp and paper mills in North America, including four in Canada, which include mills in Dryden and Espanola.
Paper Excellence has six mills and distribution centre in British Columbia, one in Saskatchewan and one in Nova Scotia, as well as operations in Brazil.
