CANADA (From news reports) -- Domtar (formerly Paper Excellence) has signed a purchase agreement with Cranberry Business Park Ltd. for the sale of the remaining half of its lands at the former Tis'kwat paper mill site in Powell River.

"We are looking forward to contributing to the economic future of Powell River and the region," stated Craig Austin and Thomas Ligocki, from Cranberry Business Park Ltd., in a media release. "With waterfront access and abundant energy sources, this site has so much potential. We are proud to be part of the revitalization of the city's Historic Townsite, alongside our neighbor at Tis'kwat, the Tla'amin Nation."

"It was a priority for Domtar to find a buyer who would ensure that the lands continue to generate jobs and economic benefit for the broader community well into the future," stated Carlo Dal Monte, vice-president, Domtar Legacy Assets. "In March, we returned a substantial portion of the Tis'kwat site to Tla'amin Nation. We are proud that the agreements that we've reached offer such a bright future for the region."

According to the release, earlier this year, together with Tla'amin Nation, Domtar announced that it was returning a substantial portion of the Tis'kwat lands to the nation. This historic agreement aligns with the company's commitment to a reconciliation-centered approach to engaging with Indigenous communities, the release stated.

Closing is expected to take place later in the year, subject to the completion of standard regulatory approvals.

The Cranberry Business Park team includes several entrepreneurs who have created hundreds of jobs in Canada across multiple industries and communities, including in Powell River, the release stated. Sonny Huang is a key leader on the team, who has demonstrated success, and owns and operates businesses such as Mt. Boucherie and Rust wineries in the Okanagan Valley, as well as an energy solutions business at Vancouver International Airport, the release stated. Huang is excited to be part of the Cranberry Business Park team and is dedicated to supporting economic development at the Tis'kwat site, according to the release.

Domtar is a leading, privately held manufacturer of diversified forest products, with a workforce of about 14,000 employees in more than 60 locations across North America. The company has an annual production capacity of 9.1 million metric tonnes of pulp, paper, packaging and tissue, and approximately three billion board feet of lumber and other wood products, the release stated. Formerly known as the Paper Excellence Group, Domtar is comprised of legacy businesses Paper Excellence, Domtar and Resolute Forest Products.