Resolute .... Resolute to Invest Over $52 million in its Saint-Flicien Pulp Mill in Quebec
Monday, May 14, 2018, 12:23 PM ET
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SAINT-FLICIEN, QC, May 14, 2018 /CNW Telbec/ - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today announced a $52.3 million strategic investment plan for its Saint-Flicien pulp mill, located in the Lac-Saint-Jean region of Quebec. The announcement was made at a press conference attended by Quebec Premier Philippe Couillard, and many dignitaries and company employees.
"The significant investments at Saint-Flicien are expected to improve several areas of the operation, increasing the average daily production capacity by 76 metric tons and reducing greenhouse gas emissions from the use of fossil fuels by 20%," said Yves Laflamme, president and chief executive officer.
On April 30, 2018, Resolute announced a $13 million investment in its La Dor (Quebec) wood products facilities, also located in Lac-Saint-Jean. In 2016, the company inaugurated Toundra Greenhouse, located adjacent to the Saint-Flicien pulp mill, a $100 million joint venture project with local investors.
During today's press conference, Yves Laflamme thanked local employees, government officials, as well as regional academic and economic development organizations for their continued support and advocacy.
Resolute employs close to 240 workers at the pulp mill, and more than 2,000 in the Saguenay--Lac-Saint-Jean region.
The upgrades are expected to be completed by the end of 2019.
Cautionary Statements Regarding Forward-Looking Information
Statements in this press release that are not statements of historical results, performance, financial condition, or other historical information of Resolute Forest Products Inc. are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements regarding the investment in the Saint-Flicien pulp mill and anticipated benefits of the investment. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "will," "expect" and other terms with similar meaning indicating possible future events or potential impact on our business or our 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 Resolute's 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 from those expressed in this press release. Some of the potential risks and uncertainties that could cause the company's actual future performance or outcomes to differ materially from those expressed or implied in this press release include, but are not limited to, any inability to achieve or maintain the expected benefits of the investment in the Saint-Flicien pulp mill, and the potential risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of the company's annual report on Form 10-K for the year ended December 31, 2017.
All forward-looking statements in this press release are expressly qualified by the cautionary statements set out or referred to above and in the company's filings with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. The company 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.