Resolute Forest Products to invest $10 million to upgrade newsprint machine at its Mokpo paper mill in South Korea
MONTREAL, June 16, 2014 (Press Release) - Resolute Forest Products Inc. today announced that it will invest $10 million at its Mokpo, South Korea, paper mill to upgrade the facility's newsprint machine, which has an annual production capacity of 250,000 metric tons. The project is expected to be completed before the end of 2014 and will contribute significantly to enhancing the newsprint quality at the facility.
"This investment reflects Resolute's commitment not only to the Mokpo mill and South Korean marketplace but also to the broader Asian market," said Richard Garneau, President and Chief Executive Officer. "Our goal is to make top-quality newsprint and better serve Mokpo's current and potential customers. The investment underscores our confidence in and support for the long-term future of this facility."
The project includes a number of upgrades, changes and improvements to Mokpo's newsprint machine that will help better position the mill to compete. Built in 1995, Resolute's Mokpo mill is the newest paper mill in South Korea. The mill is locally operated and managed by 100%-owned subsidiary Bowater Korea Ltd. and employs approximately 180.
About Resolute Forest Products
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including newsprint, specialty papers, market pulp and wood products. The Company owns or operates nearly 40 pulp and paper mills and wood products facilities in the United States, Canada and South Korea, and power generation assets in Canada. Marketing its products in close to 90 countries, Resolute has third-party certified 100% of its managed woodlands to at least one of three internationally recognized sustainable forest management standards. The shares of Resolute Forest Products trade under the stock symbol RFP on both the New York Stock Exchange and the Toronto Stock Exchange.
Resolute and other member companies of the Forest Products Association of Canada, as well as a number of environmental organizations, are partners in the Canadian Boreal Forest Agreement. The group works to identify solutions to conservation issues that meet the goal of balancing equally the three pillars of sustainability linked to human activities: environmental, social and economic.