GreenFirst Forest Products

What GreenFirst Forest Products does

GreenFirst Forest Products Inc. (TSX: GFP) is a Canadian integrated forest products manufacturer headquartered in North Bay, Ontario. The company was formed in 2021 when Itasca Capital Ltd. rebranded and closed the acquisition of Rayonier's Ontario and Quebec forest and paper assets, and it has since divested its Quebec operations to focus on an Ontario-only footprint. As of early 2026, GreenFirst operates four SPF sawmills in Chapleau, Cochrane, Hearst, and Kapuskasing with combined annual capacity of approximately 510 million board feet, plus the Kapuskasing paper mill and interests in two chemi-thermomechanical pulp mills at Baie-Comeau, Quebec and Grand Falls, New Brunswick. The company manages more than 6 million hectares of FSC-certified public Ontario forestlands and holds FSC Chain-of-Custody certification (FSC-C167905) across all lumber output, marketed under proprietary appearance grades GreenFirst Premium+ and GreenFirst Select.

The company's revenue model is the sale of commodity SPF dimensional lumber and pulp/paper products to residential construction, commercial construction, and industrial manufacturers (trusses, siding, pallets), with pricing determined by North American market rates and adjusted by U.S. Section 232 tariffs and countervailing duties that together totaled 45.16%. Distribution is direct, via truck, rail, and container shipping to North American and international markets. Q1 2026 net sales were $60.6 million, down 16–21% year-over-year due to temporary mill curtailments and winter weather, and the company has been actively pivoting toward Canadian domestic sales to mitigate U.S. tariff exposure.

Recent capital structure activity has been predominantly defensive: a $30 million term loan under the federal Softwood Lumber Program (January 2026, arranged by BMO with BDC participation), a $19 million Export Development Canada backstop (December 2025), and ongoing pension surplus releases. The company is led by CEO Joel Fournier (appointed November 2023) with Paul Rivett as Executive Chair, Alfred Colas as CFO, and Terry Skiffington as CEO of the decentralized paper mill division. Operations were restructured in January 2024 into separate lumber and paper divisions to improve segment-level decision-making.

Name

GreenFirst Forest Products

Legal name

GreenFirst Forest Products Inc.

Website

https://greenfirst.ca

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

GreenFirst Forest Products is a Canadian integrated lumber and pulp manufacturer operating four SPF sawmills in Ontario (~510Mfbm capacity) and two chemi-thermomechanical pulp mills, selling FSC-certified dimensional lumber to residential, commercial, and industrial construction markets across North America.

Ownership category

akta.pro rank

Product category

Softwood Lumber and Forest Products Manufacturing

NAICS

Sawmills (321113), Timber Tract Operations (11311)

SIC

Sawmills & Planting Mills, General (2421), Forestry (800), Wholesale-Lumber, Plywood, Millwork & Wood Panels (5031)

akta.pro primary industry

Softwood Lumber Sawmills (IMAMABAA)

akta.pro secondary industries

Softwood Lumber Distribution & Trading (IMAMAIAA), Timber Tract Operations & Forest Ownership (Timberland) (IMAMAAAA), Sustainable Forest Certification & Chain-of-Custody Services (FSC/PEFC/SFI) (IMAMAJAJ)

Keywords

• Softwood lumber manufacturing
• Forest products
• FSC certified lumber
• Chemi-thermomechanical pulp
• Sustainable forest management

Headquarters

HQ city

Etobicoke

HQ country

Canada

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Others

Revenue model

1. Lumber Manufacturing and Sales: GreenFirst generates revenue primarily through manufacturing and selling softwood lumber products (SPF dimensional lumber) to residential and commercial construction markets as well as industrial customers including manufacturers of trusses, siding, and pallets. Q1 2026 net sales were $60.6 million, down 16% year-over-year due to production curtailments and lower shipment volumes.
2. Paper/Pulp Products: The company operates two chemi-thermomechanical pulp mills producing paper products. The Kapuskasing paper mill restart was supported by government funding, and the company has added jobs to its paper mill operations.
3. Government Support Programs: GreenFirst has received government support including $30 million term loan under Canada's Softwood Lumber Program, $19 million backstop from Export Development Canada, and pension surplus release to support liquidity during market volatility.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

GreenFirst Forest Products is an integrated Canadian forest products manufacturer that produces high-quality SPF (Spruce-Pine-Fir) dimensional softwood lumber at four Ontario sawmills with approximately 510 million board feet of annual capacity, complemented by chemi-thermomechanical pulp at two pulp mills in Baie-Comeau, Quebec and Grand Falls, New Brunswick. The company manages over 6 million hectares of FSC-certified public Ontario forestlands, and its lumber products are available with FSC Chain-of-Custody certification in proprietary appearance grades branded GreenFirst Premium+ and GreenFirst Select, serving residential, commercial construction and industrial wood-product manufacturers across North American and international markets.

Product overview

GreenFirst Forest Products is an integrated forest products company that operates as a single unified product portfolio centered on lumber production. The core product is SPF (Spruce-Pine-Fir) softwood dimensional lumber, complemented by paper/pulp operations. The company's four Ontario sawmills (Chapleau, Cochrane, Hearst, and Kapuskasing) produce approximately 510 million board feet of lumber annually, while the Kapuskasing paper mill produces paper products. The company also manages over 6.1 million hectares of FSC-certified public Ontario forestlands to ensure sustainable fiber supply for its manufacturing operations.

Differentiator

Problem solved

Functional benefit

Brands

• GreenFirst Plus: Proprietary premium appearance grade lumber product
• GreenFirst Select

Products and services

• SPF Softwood Dimensional Lumber High-quality softwood dimensional lumber made from spruce, pine, and fir species, available in dimensions from 1x3 to 2x10, including stud lumber and random-size lumber. Produced at four Ontario sawmills (Chapleau, Cochrane, Hearst, Kapuskasing) with approximately 510 million board feet of annual capacity. Available grades include NLGA standards such as MSR, 2 & Better, Stud, No. 3, and Economy, plus proprietary appearance grades GreenFirst Premium+ and GreenFirst Select. All species and grades available as FSC certified (FSC-C167905). Serves residential construction, commercial construction, and industrial manufacturers of trusses, siding, pallets, and other wood products.
• Chemi-Thermomechanical Pulp and Paper Products Chemi-thermomechanical pulp (CTMP) and paper products manufactured at two CTMP mills in Baie-Comeau, Quebec and Grand Falls, New Brunswick, plus the Kapuskasing paper mill in Ontario which houses two paper machines. The CTMP operations utilize whole-tree fiber extraction to maximize value from forest resources. Products are supplied to paper manufacturers and pulp consumers including key customer Kap Paper Inc. at the Kapuskasing mill.

Quantifiable outcome

• 510 million board feet annual softwood lumber capacity
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered key, major, core and minor.

• Kap Paper Inc.keyStrategic or Co-development Partner · 17 October 2025GreenFirst welcomed restart of operations at key customer Kap Paper Inc.'s mill in Kapuskasing, supported by government collaboration to stabilize the Northern Ontario forestry sector. Kap Paper received $78.8 million government bailout. GreenFirst is a pulp supplier to Kap Paper.
• Chantiers Chibougamau LtéemajorChannel Partner/ Reseller/ Distributor · 21 December 2022Strategic sale of GreenFirst's La Sarre and Béarn sawmills (245MMfbm combined capacity) and Abitibi and Témiscamingue forestry operations to Chantiers Chibougamau, a Quebec-based family-controlled forestry company, for approximately $90 million. Transaction completed Q1 2023. Quebec-based employees expected to continue employment with Chantiers Chibougamau post-closing.
• Abitibiwinni First Nation CouncilcoreStrategic or Co-development Partner · 1 December 20225-year collaboration agreement providing for mitigation, accommodation, and compensation measures related to GreenFirst's activities on Abitibiwinni territory and rights. Includes training, hiring mechanisms, business opportunities, and infrastructure development support. Implementation ensured by bipartite monitoring committee.
• Perimeter Forest Limited PartnershipminorOthers · 7 November 2022Sale of GreenFirst's interest in approximately 203,000 acres of private forest land south of Kapuskasing, Ontario to Perimeter Forest Limited Partnership for $49.25 million cash consideration. Transaction closed November 9, 2022.

Scale indicators10 records

Recent moves12 records

Expansion highlights3 records

Direct peers

• Western Forest Products Inc. BC-based lumber producer operating coastal sawmills; Joel Fournier previously held senior roles here. Competes in specialty cedar and SPF lumber with similar Canadian operations and tariff exposure.
• Canfor Corporation: One of Canada's largest softwood lumber producers operating sawmills across BC, Alberta, and the U.S. South. Direct competitor to GreenFirst in SPF dimensional lumber serving residential and industrial construction markets.
• West Fraser Timber Co. Ltd. Major Canadian lumber, pulp, and panel producer with vertically integrated operations across Canada and U.S. South. Competes directly in SPF lumber and is similarly exposed to U.S. softwood lumber tariffs.
• Tolko Industries Ltd. Privately held Canadian lumber, plywood, and OSB producer headquartered in BC with operations across Western Canada. Similar vertically integrated forest-to-mill model and tariff exposure.
• J.D. Irving, Limited (Forestry Division): Privately held integrated forest products company operating sawmills and pulp/paper facilities across Eastern Canada. Joel Fournier previously led lumber optimization here. Vertically comparable in FSC and SPF lumber production.
• Interfor Corporation: Pacific Northwest-focused lumber producer with operations in BC and U.S. South. Competes in the same SPF dimensional lumber end markets with comparable exposure to U.S. duties.

Broad incumbents

• Resolute Forest Products Inc. Major Canadian integrated forest products company producing lumber, pulp, paper, and tissue. Overlaps with GreenFirst in BCTMP pulp operations and lumber, but with broader diversified product portfolio.
• Potlatch Deltic Corporation: U.S. timberland REIT with integrated lumber manufacturing, comparable in vertically integrated timber-to-mill model and FSC-style sustainable forestry. Trades as a U.S. peer exposure to softwood lumber markets.
• EACOM Timber Corporation: Eastern Canadian lumber producer with sawmills in Ontario and Quebec; Rick Doman (GreenFirst co-founder) previously founded this company. Overlaps in Ontario softwood lumber production.

Regional players

• Chantiers Chibougamau Ltée: Quebec-based family-controlled forestry company that acquired GreenFirst's La Sarre and Béarn sawmills plus Abitibi/Témiscamingue forestry operations for $94M in 2023. Direct peer in Quebec softwood lumber, now occupying GreenFirst's prior regional footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/greenfirstca
• Facebookfacebook.com/greenfirstca
• LinkedInlinkedin.com/company/greenfirst

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GreenFirst Forest Products