Tembec announced today that Pine Falls Development Corporation (PFDC) has acquired the Tembec Pine Falls, Manitoba mill property and assets. PFDC is an investment project of NRI Global Inc., a company that acquires and manages assets throughout North America.
The site is being sold for nominal net proceeds and the transaction will not impact the Company’s financial results as its carrying value had been reduced when the newsprint mill located on site was permanently idled.
The Tembec Pine Falls facility ceased production in September 2009. Permanent closure was announced in 2010.