Resolute Announces Ratification of Collective Agreement at Eight Sawmills in Quebec

Rhea-AI Summary

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.

Positive

• The ratification of a four-year labor agreement enhances job security for 1,000 employees.
• The agreement contributes to operational stability for customers and stakeholders.

Negative

• None.

MONTREAL, July 25, 2022 /PRNewswire/ - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) announces the ratification of a four-year labor agreement with the Unifor union covering 1,000 employees working in eight of the company's Quebec sawmills, following an agreement-in-principle reached on July 15.

"We are pleased to have renewed the labor agreement with employees of this important business segment," said Remi G. Lalonde, president and chief executive officer. "The collective agreement underscores their contribution to the company's success and provides stability for our customers, communities and other partners."

The collective agreements ratified on July 22 cover hourly employees represented by Unifor at Resolute's Comtois, Girardville, La Doré, Maniwaki, Mistassini, Normandin, Outardes and Saint-Thomas facilities. 

Cautionary Statements Regarding Forward-Looking Information

Statements in this press release that are not reported financial results or other historical information of Resolute are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements relating to the member ratification of the agreement and our future performance in general. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "should," "would," "could," "will," "may," "expect," "believe," and other terms with similar meaning indicating possible future events or potential impact on Resolute's business or its shareholders.

The reader is cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on management's current assumptions, beliefs, and expectations, all of which involve a number of business risks and uncertainties that could cause actual performance or outcomes to differ materially. The potential risks and uncertainties that could cause Resolute's actual future performance or outcomes to differ materially from those expressed or implied in this press release include, but are not limited to, the potential risks and uncertainties set forth under Part I, Item 1A, "Risk Factors," of Resolute's annual report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (or, the "SEC") on March 1, 2022.

All forward-looking statements are expressly qualified by the cautionary statements contained or referred above and in Resolute's other filings with the SEC and the Canadian securities regulatory authorities. Resolute disclaims any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

About Resolute Forest Products

Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products and papers, which are marketed in over 60 countries. The company owns or operates some 40 facilities, as well as power generation assets, in the United States and Canada. Resolute has third-party certified 100% of its managed woodlands to internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.

Resolute has received regional, North American and global recognition for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit www.resolutefp.com for more information.

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SOURCE Resolute Forest Products Inc.

FAQ

What is the recent labor agreement ratified by Resolute Forest Products?

Resolute Forest Products ratified a four-year labor agreement with the Unifor union for 1,000 employees at eight Quebec sawmills.

When was the labor agreement with Unifor reached?

The agreement-in-principle was reached on July 15, 2022, and ratified on July 22, 2022.

How many employees are affected by the labor agreement at Resolute's Quebec sawmills?

The labor agreement affects 1,000 employees working at eight sawmills in Quebec.

What is the stock symbol for Resolute Forest Products?

The stock symbol for Resolute Forest Products is RFP, listed on both the NYSE and TSX.