Benzinga | Jan 8, 2021 07:38AM EST

Domtar Corporation Announces Sale Of Personal Care Business To American Industrial Partners For $920M; Proceeds Will Be Used To Reduce Debt By $600M And Repurchase $300M In Shares

* Reinforces the Company's focus on remaining an industry-leading Paper and Pulp company

* Represents the next step of strategic transformation on building a large, value-adding Packaging business

* Proceeds will be used to reduce debt by $600 million and repurchase $300 million in shares

Domtar Corporation (NYSE:UFS) (TSX:UFS) today announced that it has entered into a definitive agreement to sell its Personal Care business to American Industrial Partners (AIP) for $920 million.