MONTRÉAL, Sept. 6, 2016 /CNW Telbec/ - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today announced completion of commissioning of the first tissue converting line at its state-of-the-art tissue facility currently under construction in Calhoun, Tennessee. The remaining two lines will be commissioned by year-end.
"We are on schedule with the $270 million project, our largest investment since 2010," stated Richard Garneau, president and chief executive officer. "The first production of bath tissue and towel came off the converting line on August 17, representing an important milestone. We are confident that the new tissue machine will be operational as planned, in the first quarter of next year."
Resolute's new tissue machine and converting operations are being built at its Calhoun pulp and paper mill, which will be one of the most competitive and efficient tissue operations in North America. At full capacity, the facility will produce approximately 66,000 short tons per year of at-home, premium bath tissue and paper towel, focused on the growing private-label market.
Construction of the Advantage-NTT machine, the latest innovation in tissue manufacturing, is underway. "We are proud to have one of the most modern and flexible NTT machines, specifically designed for the retail market in North America," added Garneau. "It is important to position ourselves as a preferred supplier to major private-label retailers by delivering the highest quality product for their store brands."
Cautionary Statements Regarding Forward-Looking Information
Statements in this press release that are not statements of historical results, performance, financial condition, or other historical information of Resolute Forest Products Inc. are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They include, for example, statements relating to: the future commissioning of tissue converting lines at our Calhoun mill, the timing of the operational start-up of our Calhoun tissue machine, the expected competitiveness and efficiency of our Calhoun tissue operations, and future production. Forward-looking statements may be identified by the use of forward-looking terminology such as the words "will", "should," "would," "could," "may," "expect," "believe," "anticipate," "project", and other terms with similar meaning indicating possible future events or potential impact on our business or our shareholders.
The reader is cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future results, performance, or financial condition. These statements are based on management's current assumptions, beliefs, and expectations, all of which involve a number of business risks and uncertainties that could cause actual results, performance, or financial condition to differ materially. Some of the potential risks and uncertainties that could cause the company's actual future results, performance, or financial condition to differ materially from those expressed or implied in this press release include, but are not limited to, intense competition in the forest products industry; any difficulties in obtaining wood fiber at favorable prices, or at all; any labor disputes; disruptions to our supply chain, operations or the delivery of our products; extreme weather conditions or natural or man-made disasters; and the potential risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of the company's annual report on Form 10-K for the year ended December 31, 2015.
All forward-looking statements in this press release are expressly qualified by the cautionary statements set out or referred to above and in the company's filings with the U.S. Securities and Exchange Commission and the Canadian securities regulatory authorities. The company disclaims any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
About Resolute Forest Products
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including market pulp, wood products, tissue, newsprint and specialty papers. The company owns or operates over 40 pulp, paper, tissue and wood products facilities in the United States, Canada and South Korea, as well as power generation assets in Canada and the United States. Marketing its products in close to 80 countries, Resolute has third-party certified 100% of its managed woodlands to 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 has received regional, North American and global recognition for its leadership in corporate social responsibility and sustainable development, as well as for its business practices. Visit resolutefp.com for more information.
SOURCE Resolute Forest Products Inc.