VERNON, British Columbia – Tolko Industries Ltd. is pleased to announce that Canadian Kraft Paper Industries Limited, a company affiliated with American Industrial Acquisition Corporation, has purchased its Manitoba Kraft paper mill and sawmill in The Pas, Manitoba.
As part of the agreement, all current Manitoba employees will transition to Canadian Kraft Paper Industries Limited, and maintain operations going forward. Over the coming months, Tolko will work with Canadian Kraft Paper Industries Limited to support a successful transition.
Brad Thorlakson, President and CEO of Tolko Industries Ltd. commented: “We are pleased negotiations with Canadian Kraft Paper Industries Limited have reached a successful conclusion. I want to thank the employees at the Manitoba operation for their dedication and patience throughout this process, and to the retirees for their support of the sale.”
Mr. Thorlakson went on to add, “We also want to acknowledge the critical role that the Swampy Cree Tribal Council played in enabling this sale; and recognize the Manitoba Government, the Town of the Pas, and local unions for their cooperation and work towards making this sale happen.”