GreenFirst Announces Completion of Operational Decentralization and New Paper Mill CEO

GreenFirst Announces Completion of Operational Decentralization and New Paper Mill CEO

TORONTO, ON, January 16, 2024, GreenFirst Forest Products Inc. (TSX: GFP) (“GreenFirst”) is pleased to announce that it has successfully completed the previously announced decentralization of its lumber mill and paper mill operations. In connection with the decentralization, Terry Skiffington has been engaged as Chief Executive Officer of the paper mill division. Mr. Skiffington is a skilled executive with a broad range of experience in the pulp and paper sector in Canada and globally.

The strategic decision to decentralize the businesses and management is expected to improve the ability to focus on the unique aspects of each business, provide for more efficient decision-making processes and to allow for increased entrepreneurialism and cost-control measures.

“The successful decentralization of our lumber mill and paper mill businesses signifies a pivotal moment in our history. I am tremendously proud of the team for their efforts,” Paul Rivett, Executive Chair of GreenFirst. “We are excited to welcome Terry as CEO of Kapuskasing paper mill, as he brings a valuable wealth of knowledge and experience with him.”

“The completion of the decentralization and the appointment of Terry as CEO of the Kapuskasing paper mill will allow both businesses to focus on improving operational efficiencies going forward,” said Joel Fournier, CEO of GreenFirst, “we are pleased to welcome Terry; his leadership and expertise in the pulp and paper industry will be an excellent addition to the Kapuskasing paper mill.”

About GreenFirst 

GreenFirst Forest Products is a forest-first business, focused on sustainable forest management and lumber production. The Company owns four sawmills located in rich wood baskets proudly operating over 6.1 million hectares of FSC® certified public Ontario forestlands (FSC® C167905). The Company believes that responsible forest practices, coupled with the long-term green advantage of lumber, provide GreenFirst with significant cyclical and secular advantages in building products.

Forward Looking Information 

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact are forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “estimate” or the negative of these terms and similar expressions. Forward-looking statements are based on certain assumptions and, while GreenFirst considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. In addition, forward-looking statements necessarily involve known and unknown risks, including those set out in GreenFirst’s public disclosure record filed under its profile on Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. GreenFirst disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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