News Summary

Domtar, formerly known as Paper Excellence, has signed a purchase agreement with Cranberry Business Park Ltd. for the sale of the remaining lands at the former tiskwat paper mill site in Powell River, British Columbia. This agreement marks a significant step towards revitalizing the historic townsite and contributing to the economic future of Powell River. The transaction involves transferring half of the remaining property to Cranberry Business Park, which already includes several entrepreneurs with a proven track record of creating jobs across Canada. In a related move, Domtar has returned a substantial portion of the tiskwat lands to the Tla’amin Nation, reinforcing its commitment to reconciliation and economic collaboration with Indigenous communities. The agreement is anticipated to generate jobs and economic benefits for the broader community, with regulatory approvals expected to finalize later this year.