West Fraser Announces Sale of Its Quesnel River and Slave Lake Pulp Mills to Atlas Holdings

West Fraser Timber Co. Ltd. and Atlas Holdings jointly announced on Friday (9-22-23) that they have entered into a definitive agreement for the sale of West Fraser’s Quesnel River Pulp mill in Quesnel, British Columbia, and its Slave Lake Pulp mill in Slave Lake, Alberta, to Atlas. Combined total cash proceeds from the sale are US$120 million.

Atlas owns and operates several pulp, paper, and wood products businesses in Canada and the US. The agreement also includes related woodlands operations and timber holdings in Alberta and a long-term fiber supply agreement for the Quesnel River Pulp facility.

The Quesnel River and Slave Lake pulp mills will be operated by Milar Western Forest Products, which joined the Atlas family of manufacturing and distribution businesses in 2017.

The transaction is anticipated to close following successful completion of customary regulatory reviews and satisfaction of customary closing conditions. West Fraser will provide a further update during its Q3 results conference call.