KRAFT PULP: TEMBEC, KRUGER BUY MARATHON MILL
MONTREAL, QC — Tembec Inc. and Kruger Inc. have formed a joint-venture to buy all the shares of Fort James Marathon Ltd. from Deerfield, IL-based Fort James Corporation for $100 million. In the deal,…
MONTREAL, QC — Tembec Inc. and Kruger Inc. have formed a joint-venture to buy all the shares of Fort James Marathon Ltd. from Deerfield, IL-based Fort James Corporation for $100 million. In the deal, the joint-venture acquires a 180 000-t/y northern bleached softwood kraft pulp mill in Marathon, ON. "This acquisition represesents a good strategic fit with Tembec's core market pulp business," said Terence Kavanagh, president, Tembec Pulp Group. The joint-venture has signed a three-year renewable pulp supply agreement, largely to provide pulp to Fort James' non-integrated European tissue operations. About 300 people work at the mill. The transaction is expected to close in the first quarter of 2000, and must gain the usual regulatory approvals.
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