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Resolute Forest Products Inc. is a global leader in the forest products industry, renowned for its diverse range of products that include market pulp, tissue, wood products, and papers. These products are marketed in over 50 countries, demonstrating the company's expansive reach and international significance.
The company owns or operates approximately 40 facilities, as well as power generation assets, spread across the United States and Canada. A noteworthy aspect of Resolute's operations is their commitment to sustainability; the company has achieved third-party certification for 100% of its managed woodlands according to internationally recognized sustainable forest management standards.
Resolute has recently achieved significant milestones, including the sale of its Thunder Bay (Ontario) pulp and paper mill to an affiliate of Atlas Holdings. This transaction, completed on August 1, 2023, includes long-term woodchip and biomass supply agreements, ensuring ongoing collaboration with the Thunder Bay mill. This sale was in line with the consent agreement between Domtar Corporation and the Canadian Commissioner of Competition, following Domtar’s acquisition of Resolute. Despite the sale, Resolute continues to operate its sawmills and woodlands operations in Northwestern Ontario.
Headquartered in Montreal, Quebec, Resolute Forest Products is a subsidiary of Domtar Corporation and a part of the Paper Excellence Group. The company has earned recognition on a regional, North American, and global scale for its leadership in corporate social responsibility, sustainable development, and business practices. With its broad product portfolio and steadfast dedication to sustainable practices, Resolute remains a pivotal player in the forest products industry.
Resolute Forest Products (RFP) reported Q2 net income of $256 million, or $3.29 per diluted share, down from $268 million last year. Sales decreased by $82 million to $1,058 million. Adjusted EBITDA was $260 million. The company has a net cash position of $53 million and liquidity of $1.3 billion. It entered an agreement to be acquired by Paper Excellence Group, expected to close in H1 2023. GHG emissions reduction targets have been approved by SBTi.
Resolute Forest Products (NYSE: RFP) announced the ratification of a four-year labor agreement with the Unifor union for 1,000 employees at eight Quebec sawmills, following an agreement-in-principle reached on July 15. This collective agreement, ratified on July 22, aims to provide stability for customers and communities. Remi G. Lalonde, president and CEO, emphasized the importance of employee contributions to the company’s success. The press release also includes cautionary statements regarding forward-looking information and potential risks affecting future performance.
The Paper Excellence Group, through its subsidiary Domtar Corporation, plans to acquire Resolute Forest Products (RFP) for $20.50 per share, representing a 64% premium over its July 5, 2022 closing price, totaling an enterprise value of approximately $2.7 billion. The acquisition aims to enhance growth by integrating Resolute’s capabilities in lumber and pulp while maintaining operations under the Resolute brand. The transaction is subject to shareholder approval and regulatory reviews, with expected completion in the first half of 2023.
On May 27, 2022, Resolute Forest Products Inc. (NYSE: RFP) held its annual stockholders' meeting, with 60.5 million shares (78.8%) voted. All proposals were approved, including the election of eight director nominees with substantial majorities. Notable results included Randall C. Benson receiving 98.4% approval and Suzanne Blanchet 99.5%. Stockholders also ratified PricewaterhouseCoopers LLP as independent auditors for 2022 and approved executive compensation plans. Resolute is a leader in the forest products sector, operating around 40 facilities across the U.S. and Canada.
Resolute Forest Products (NYSE: RFP) announced the ratification of a four-year collective agreement by Unifor union members at seven of its pulp and paper mills in Canada, following an agreement reached on May 15, 2022. This agreement covers approximately 700 hourly employees and impacts mills accounting for 50% of the company's total production capacity. CEO Remi G. Lalonde emphasized the importance of collaboration between the company and union to address challenges and enhance competitiveness. Resolute operates around 40 facilities and markets its diverse products in over 60 countries.
Resolute Forest Products (NYSE: RFP) announced a four-year labor agreement-in-principle with the Unifor union, covering approximately 700 hourly employees at seven Canadian pulp and paper mills. The agreement awaits ratification by union members. The mills affected include operations in Quebec and Ontario. CEO Remi G. Lalonde emphasized the importance of employee contributions to the company's success. Forward-looking statements regarding the agreement's impact and ratification are included, highlighting potential business risks.
Resolute Forest Products reported a strong Q1 performance for 2022, with net income of $210 million ($2.68/share), outperforming last year's $87 million ($1.06/share). Sales reached $945 million, an increase of $72 million YoY. The company also acquired the remaining 50% stake in its Resolute-LP engineered wood partnership. Despite logistics challenges impacting sales volume, it achieved a 34% reduction in GHG emissions compared to 2015. Liquidity stood at $1.1 billion. Earnings conference call scheduled for today at 9 AM ET.
Resolute Forest Products (NYSE: RFP) will announce its first quarter financial results on May 5, 2022, at 7:00 a.m. ET. A conference call to discuss the results is scheduled for 9:00 a.m. ET, with public participation encouraged. Interested parties can join the call at 888 550-7724 or via a live webcast available on the company's website. Resolute Forest Products is recognized for its commitment to sustainability and operates around 40 facilities in the U.S. and Canada.
Resolute Forest Products will conduct its annual stockholders' meeting on May 27, 2022, at 8 a.m. Eastern in a hybrid format, allowing both in-person and virtual attendance. The meeting will take place at Montreal Marriott Chateau Champlain, subject to COVID-19 restrictions. Shareholders as of March 29, 2022, can vote their shares. Participants must have a control number for virtual attendance and may submit questions via email until May 23, 2022. Resolute Forest Products is recognized for its sustainable practices and operates around 40 facilities across the U.S. and Canada.
On March 4, 2022, LP Building Solutions (LP) announced the completion of the sale of its 50% equity interest in two joint ventures producing I-joists to Resolute Forest Products Inc. (RFP). These joint ventures include Resolute-LP Engineered Wood Larouche Inc. and Resolute-LP Engineered Wood St-Prime Limited Partnership, both located in Quebec. Following the sale, LP will maintain its role as the exclusive distributor for products manufactured at these facilities, ensuring continued operational collaboration.
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