Domtar sells Woodland mill

Domtar Corp. has sold its Woodland hardwood market pulp mill, hydro electric assets and related assets in Baileyville, ME and New Brunswick, Canada, to International Grand Investment Corp. (IGIC) for a total $US64 million. Domtar is reducing its exposure to hardwood pulp markets; most of its market pulp activities are in softwood and fluff pulp grades. Woodland, DomtarŐs only non-integrated hardwood market pulp mill, has a capacity of 395,000 tonnes/y and employs about 300 people. Delaware-registered IGIC represents international, individual investors in pulp trade and imports. A report in Bangor Daily News says that IGIC is part of a Hong Kong-based holding company and that this is IGICŐs second US pulp mill acquisition this year, the other being on the West Coast. The mill will be called Woodland Pulp LLC. www.domtar.com.

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