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Get the Peak to Go iPhone app now available in the App Store or iTunes
Get the Peak to Go now BIG DEAL: Catalyst Paper Corporation president and chief executive officer Ned Dwyer was in Powell River on Tuesday, October 9, to meet with mill workersiPhone about app the company being sold. available in the DAVID BRINDLE PHOTO App Store or iTunes
Pulp producer acquires Catalyst New owner intends to maintain local operations for foreseeable future, says Paper Excellence Canada CEO DAVID BRINDLE reporter@prpeak.com
Catalyst Paper Corporation has been sold, including its Powell River mill. The deal between Paper Excellence Canada Holdings Corporation (PEC), based in Richmond, and Catalyst, also headquartered in Richmond, was announced on Tuesday, October 9.
Subject to regulatory review and final approvals, the transaction is expected to close by the end of the fourth quarter 2018 or early first quarter 2019, when PEC will acquire all of the issued and outstanding shares of the company, including Catalyst mills in Powell River, Crofton and Port Alberni. From all accounts, it is good news for Catalyst, PEC, Powell River and the workers who are employed at the mill. “We think it’s positive because we’re actually going to be owned by a company that is in the pulp and paper business rather than hedge-fund owners and bankers back in New York,” said Unifor local 76 president Mike Rumley, a 40-year mill veteran. “We didn’t know if they were going to keep us running or if they were going to shut us down or what their interest was.” Catalyst is currently owned by Oaktree Capital Management, Mudrick Capital Management, LP, and Cyrus $479,000 CUSTOM HOME + VIEW
$479,000 SEMI-WATERFRONT
Capital Partners, LP. “I believe we have a better opportunity to actually maybe invest some money and work on the place and be here for the long haul,” added Rumley. PEC is the largest pulp producer in Canada with three facilities in BC at Howe Sound, Skookumchuck and Mackenzie, as well as Meadow Lake, Saskatchewan, and Nova Scotia, and two mills in France. From the perspective of PEC president and chief executive officer Brian Baarda, Tuesday was a good day, representing a culmination of interest in Catalyst that goes back a number of years. “It’s not every day that you get a chance to announce that you’ve entered into an agreement to acquire another business, particularly of Catalyst Paper’s calibre,” said Baarda, who was vice president of Catalyst in Powell River from »2
$479,000 OCEAN VIEW + SHOP
$479,000 BEAUTIFUL HOME + VIEW
7199 Esquimalt Court 7052 Quesnel Street 4 bedroom and den 4 bdrm, 3 bath,back 2 kitchens Fully fenced yard Ensuite, gas fireplaces Quiet2cul-de sac Terrifi c new price Deck, shop, greenhouse Fabulous view $479,900
7199 Esquimalt Court 7189 Georgia Crescent 4 bedroom and den Beautiful 4 bdrm, 3 bath Fully fenced back yard Bright, spacious, Quiet cul-delike sacnew! Terrifi c new price Deck, patio, fenced yard Fabulous view $554,900
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Warren Behan
Personal Real Estate Corporation
Broker Owner 604 485 2324 warren@warrenbehan.com View current listings at
7199 Esquimalt Court 7199 Court 3761Esquimalt Ontario Avenue 4368 Marine Avenue 4 bedroom and den 4 bedroom and den Bright 4 bdrm, 3 bath, level entry Sweet, small 1-bdrm Fully fenced back home yard Fully fenced back yard Fireplace, room,sac office Beautiful views,cul-de walk tosac downtown Quiet Quiet rec cul-de ¼Terrifi acre lot, alley price access Quiet spot,c walk schools c new Terrifi newtoprice Fabulous view Fabulous view $319,900 $579,000
Get ALL the NEW listings at prhotnewlistings.com 4766 Joyce Avenue Powell River, BC V8A 3B6 Office: 604 485 4231