Rayonier Advanced Materials Inc. and Tembec Inc. announced that the holders of record of its common shares have approved the resolution authorizing the previously announced statutory arrangement under Section 192 of the Canada Business Corporations Act pursuant to which Rayonier Advanced Materials will acquire all of the outstanding common shares of Tembec. The Arrangement Resolution was approved by 95.04% of the votes cast by Tembec Shareholders at the special meeting held earlier today. The completion of the Transaction remains subject to approval by the Québec Superior Court at a final hearing, which is expected to take place on August 7, 2017. In addition to court approval, the Transaction remains subject to other closing conditions, including receipt of regulatory approvals. It is expected that the Transaction will be completed in the fourth quarter of 2017.
Corner Brook Pulp and Paper has reached a new collective agreement with all of its unionized employees.
Kruger Inc., the mill’s Montreal-based parent company, confirmed Thursday the deal has been done, but would not comment any further on the details of the negotiations.
According to Unifor, which represents five unions at the mill, the deal is for a four-year period and was ratified last fall. It includes wage increases of two per cent in the first two years and 2.5 per cent in the final two years of the agreement.
more detail at: https://www.thewesternstar.com/news/local/corner-brook-pulp-and-paper-strikes-new-deals-with-its-labour-unions-282640/