Fibrek issues statement on board, management team changes following acquisition of 63.3% of Fibrek by Resolute Forest Products
May 10, 2012
– Fibrek Inc. ("Fibrek" or the "Company") announced today that following the acquisition of 63.3% of Fibrek by Resolute Forest Products ("Resolute"), each of the members of the board of directors has resigned. The new members of the Board nominated by Resolute are Jacques P. Vachon, Jo-Ann Longworth, Michel Desbiens, Michel Gagnon, Daniel Filion and Richard Garneau who will serve as Chairman of the Board.
Fibrek also announced that the following members of Fibrek's management team have resigned from their positions as corporate officers of the Company, effective immediately, but will ensure an orderly transition to the new management team until May 31, 2012:
Pierre Gabriel Côté, President and Chief Executive Officer;
Patsie Ducharme, Vice President and Chief Financial Officer;
Emmanuelle Lamarre-Cliche, Vice President, Legal Affairs, Sustainable Development and Corporate Secretary;
Jean-Pierre Benoit, Vice President, Sales and Operations;
Dany Paradis, Vice President, Change Management and Supply Chain.
The incoming Board of Directors has named a new management team, which includes:
Richard Garneau, President and Chief Executive Officer;
Alain Boivin, Vice President, Operations;
Jo-Ann Longworth, Vice President and Chief Financial Officer;
Jacques P. Vachon, Vice President, Legal Affairs and Corporate Secretary.
In addition to the above, it was also announced that Investissement Québec has agreed today to amend the change of control provision contained in the term loan such that the change of a majority of the Board of Fibrek by nominees designated by Resolute shall not constitute a change of control of Fibrek (as such term is defined in the term loan) up until the earlier of i) the date of the next annual or special meeting of Fibrek; or ii) June 29, 2012.
Fibrek (TSX: FBK) is a leading producer and marketer of high-quality virgin and recycled kraft pulp. The company operates three mills located in Saint-Félicien, Québec, Fairmont, West Virginia, and in Menominee, Michigan with a combined annual production capacity of 760,000 tonnes. Fibrek has approximately 500 employees. The Saint-Félicien mill provides northern bleached softwood kraft pulp (product known as NBSK pulp) to various sectors of the paper industry mainly in Canada, the United States and Europe, for use in the production of specialized products. The Fairmont and Menominee mills manufacture air-dried recycled bleached kraft pulp (product known as RBK pulp) and primarily supply manufacturers of fine uncoated paper, tissue paper for commercial and industrial uses, and coated paper in the United States.