Last week Domtar was in talks for a possiblemerger with, or outright sale to, Canada's Paper Excellence.
On Tuesday, both companies confirming a deal for Domtar's sale.
The value of the agreement is $3 billion dollars.
"This agreement brings stability and a long term commitment to realizing our plan for growth, which benefits our employees and the communities where we operate," said Tammy Waters, Manager of Communications and Government Relations at Domtar.
At the Nekoosa mill, there are 390 workers. At the mill in Rothschild, there are 350.
Officials from both companies saying those jobs will not be going anywhere.
"Domtar will retain its name. Continue to operate as a stand alone paper and packaging business and Domtar's current management team and organizational structure will stay in place as well," Waters said.
The agreement is expected to be finalized in the next four to eight months.
Company officials saying there is no downside to the agreement.
"No definitely not, I think as a profit company Domtar will drive innovation in its paper and pulp business and continue its strategic expansion into packaging we've been focused on. Paper excellence is a long term strategic buyer that is singularly focused on the pulp, paper, and packaging industry," Waters said.
Paper Excellence is buying Domtar's stock at $55.50 per share in an all cash deal.
