A purchase agreement has been announced for Resolute's pulp and paper operations in Thunder Bay.

The buyer is an affiliate of Atlas Holdings, a group of 26 manufacturing and distribution businesses, founded in 2002, with ties to several industries including the automotive, construction, energy, food and beverage, and packaging sectors.

"The mill is an exceptional asset," said Remi G. Lalonde, Resolute's president and chief executive officer. "I am confident that the dedicated and talented team in Thunder Bay will have a prosperous future, and I sincerely wish them all the best."

While Resolute is selling off its pulp and paper mill, one of three remaining in Northwestern Ontario, it will continue to operate its woodlands operations and sawmills in Thunder Bay, Ignace, and Sapawe.

The sale of the Thunder Bay mill is a requirement under the consent agreement entered into between Domtar Corporation and the Canadian Commissioner of Competition and registered with the Canadian Competition Tribunal in connection with its review of Domtar Corporation's recent acquisition of Resolute.