December 1, 2021 - Blackstone (NYSE:BX) announced today that funds managed by its Blackstone Tactical Opportunities business (“Blackstone”) have acquired Sustana Group (“Sustana” or the “Company”), a leading manufacturer of premium, sustainable recycled fiber, paper and packaging products, from an affiliate of H.I.G. Capital (“H.I.G.”).

[Richmond, BC] – With strong global market acceptance of unbleached kraft pulp (UKP) manufactured at its Crofton facility, Paper Excellence today has announced that it is also converting its northern bleached softwood kraft (NBSK) production at its Howe Sound facility to produce UKP as a path to fulfilling increasing customer demand.

Katrine Conroy, Minister of Forests, Lands, Natural Resource Operations and Rural Development, has released the following statement in response to Paper Excellence’s announcement of indefinite curtailment of its Catalyst Paper tiskʷat mill at Powell River:

[Richmond, BC] – Paper Excellence today announced the indefinite curtailment of operations at its Catalyst Paper tiskwat mill. The ongoing contraction of global paper markets and paper prices, particularly in Asia, are creating significant on-going financial losses at the mill. Despite the best efforts of the mill’s committed team of employees, the facility is simply not viable under the reality of today’s market conditions.

Paper Excellence mills have been cutting their carbon emissions for decades, and the largest-scale and lowest-hanging opportunities have mostly been pursued.

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