Resolute Announces Ratification of Collective Agreement at Seven Canadian Pulp and Paper Mills

Rhea-AI Summary

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.

Positive

• Ratification of a four-year agreement enhances stability and productivity.
• Collaboration between the company and union reflects positive labor relations.
• Agreement covers mills that represent 50% of total production capacity.

Negative

• None.

MONTREAL, May 20, 2022 /PRNewswire/ - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today announced ratification of a four-year collective agreement by Unifor union members at seven of the company's pulp and paper mills in Canada, following an agreement-in-principle reached on May 15, 2022. 

"We are pleased with the result of the vote, which is a testament to the hard work and collaborative efforts of both the company and the union in recent years to address the challenges we are facing and to ensure the competitiveness of the business," said Remi G. Lalonde, president and chief executive officer. "Thanks to the support of our employees, we continue to pursue our vision to operate a model manufacturing company, built with the strongest business values, the highest respect for sustainability and the calling to serve our people and communities."

The collective agreements cover approximately 700 hourly employees represented by Unifor at Resolute's Dolbeau; Gatineau; Kénogami; Saint-Félicien and currently indefinitely idled Amos and Baie-Comeau pulp and paper facilities in Quebec; and the Thunder Bay operation in Ontario. The seven mills account for about 50% of the company's total pulp and paper production capacity.

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.

View original content:https://www.prnewswire.com/news-releases/resolute-announces-ratification-of-collective-agreement-at-seven-canadian-pulp-and-paper-mills-301552355.html

SOURCE Resolute Forest Products Inc.

FAQ

What is the recent collective agreement ratified by Resolute Forest Products (RFP)?

On May 20, 2022, Resolute Forest Products announced the ratification of a four-year collective agreement by Unifor union members at seven Canadian pulp and paper mills.

How many employees are covered under the new collective agreement by RFP?

The new agreement covers approximately 700 hourly employees represented by Unifor.

What percentage of Resolute's production capacity is affected by the new collective agreement?

The mills involved in the agreement account for about 50% of the company's total pulp and paper production capacity.

When was the collective agreement reached by Resolute Forest Products?

The agreement-in-principle was reached on May 15, 2022.

What is the stock symbol for Resolute Forest Products?

Resolute Forest Products trades under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.