Montreal, Quebec, Canada 28 January 2015 -- Tembec announces that the recently installed turbine at the Temiscaming site has successfully met the commercial-in-service test set forth in the power purchase agreement ("PPA") it entered into with Hydro-Québec. The turbine operated for 100 continuous hours above the required level specified in the PPA. The Company was successful in meeting the test on its first attempt. This represents a significant milestone for the Company as the turbine qualification allows it to sell electricity to Hydro-Québec at the more favorable "green" power rate. The new boiler and turbine will materially improve the Temiscaming specialty cellulose mill's cost structure and profitability.
Tembec is a manufacturer of forest products - lumber, pulp, paper and specialty cellulose - and a global leader in sustainable forest management practices. Principal operations are in Canada and France. Tembec has approximately 3,400 employees and annual sales of approximately $1.6 billion. Tembec is listed on the Toronto Stock Exchange (TMB).
This press release includes "forward-looking statements" within the meaning of securities laws. Such statements relate, without limitation, to the Company's or management's objectives, projections, estimates, expectations or predictions of the future and can be identified by words such as "may", "will", "could", "anticipate", "estimate", "expect" and "project", the negative or variations thereof, and expressions of similar nature. Forward looking statements are based on certain assumptions and analyses made by the Company in light of its experience, information available to it and its perception of future developments. Such statements are subject to a number of risks and uncertainties, including, but not limited to, changes in foreign exchange rates, product selling prices, raw material and operating costs and other factors identified in the Company's periodic filings with securities regulatory authorities, including under the "risk factors" section of the Company's most recent Annual Information Form. Many of these risks are beyond the control of the Company and, therefore, may cause actual actions or results to materially differ from those expressed or implied herein. The forward-looking statements contained herein reflect the Company's expectations as of the date hereof and are subject to change after such date. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable securities legislation.