Why Domtar Stock Is Soaring Today

·2 min read
Why Domtar Stock Is Soaring Today

Shares of Domtar (NYSE: UFS) traded up 15% on Tuesday after the paper manufacturer announced it has agreed to be acquired by Canadian rival Paper Excellence for nearly $3 billion. Paper Excellence is a privately held British Columbia-based manufacturer of pulp and specialty printing, writing, and packaging papers, and has been eager to expand its presence in the U.S. Domtar is an ideal way to accomplish that goal. Domtar, of South Carolina, operates about a dozen paper mills in the U.S. and Canada.

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