GreenFirst Completes Sale of Quebec Assets for $94 million

16 March 2023

GreenFirst Forest Products Inc. announced today that it has completed the previously announced sale of its La Sarre and Béarn sawmills, Abitibi and Témiscamingue forestry operations, as well as their related assets and business operations (the “Quebec Assets”) to Chantiers Chibougamau Ltée (“Chantiers Chibougamau”), for a total purchase price of approximately $94 million, subject to final adjustments.

“We thank Chantiers Chibougamau for a smooth closing and we look forward to continuing to work productively with their team,” said Paul Rivett, Interim Chief Executive Officer and Executive Chairman “as a much smaller company, we now turn our focus squarely on improving our Ontario operations and prudently reviewing all capital allocation opportunities.”

With the sale of our Quebec Assets, we have had to say goodbye to over 500 hard-working employees, many of whom have worked in the region with these assets for decades. We thank these dedicated employees for their service and we appreciate that the purchaser, Chantiers Chibougamau, a family-owned operation, welcomed them with open arms.

BMO Bank of Montreal is acting as exclusive financial advisor to GreenFirst.