New Conversion project in Canada for competitor A competitor buys an Ontario mill for conversion to rayon grade pulp.
Wonder if Fortress had a bid in on it?
https://timesofindia.indiatimes.com/business/india-business/Aditya-Birla-buys-Canadian-pulp-co/articleshow/14699313.cms
Aditya Birla buys Canadian pulp co
TNN | Jul 6, 2012, 02.21AM IST
MUMBAI: Kumar Mangalam Birla-controlled Aditya Birla Group has acquired Canada's Terrace Bay Pulp Mill in North Western Ontario, in which the group will invest more than $250 million in a phased manner to convert the mill to produce dissolving grade pulp.
A special purpose vehicle, AV Terrace Bay Inc, has been created to acquire the assets of the paper grade pulp mill, in which Aditya Birla Group flagship Grasim Industries, will hold 40% interest, while Thai Rayon Public will hold the remaining stake. Over a period of the next three years, Grasim would contribute $44 million, out of the total equity contribution of $110 million.
Aditya Birla Group chairman Kumar Mangalam Birla said: "The acquisition of the Terrace Bay Mill and its subsequent conversion into a dissolving grade pulp mill is a major strategic move. In the VSF (viscose staple fibre) business, we enjoy global leadership. To sustain ongoing growth, we have an integrated business model, spanning the entire value chain from plantation to pulp to fibre. The Terrace Bay Mill, upon conversion, will be geared to provide superior quality pulp for our VSF plants worldwide."