Tembec Sells Pine Falls Mill

Tembec, Canada, reports that Pine Falls Development Corp. (PFDC) has acquired its closed Pine Falls, Manitoba, Canada, mill property and assets. PFDC is an investment project of NRI Global Inc., a company that acquires and manages assets throughout North America.

The site is being sold for nominal net proceeds and the transaction will not impact the company's financial results as its carrying value had been reduced when the newsprint mill located on site was permanently idled.

The Tembec Pine Falls facility ceased production in September 2009. Permanent closure was announced in 2010. Tembec will transfer the site to PFDC which has finalized a plan to remediate the site in an approach that allows for investment recovery, site redevelopment, and assured environmental closure.

NRI Global is a private investment firm that acquires distressed or impaired assets. NRI Global has offices in Toronto, Ont., Canada, and Buffalo, N.Y., USA. The firm specializes in pulp and paper, energy, and resource transactions in North America.

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