On December 21, 2022, GreenFirst Forest Products Inc. announced its agreement to sell its Quebec Assets, including the La Sarre and Béarn sawmills, and the Abitibi and Témiscamingue forestry operations, to Chantiers Chibougamau Ltée for approximately $90 million. The transaction includes roughly $40 million for specific working capital items. The deal aims to strengthen GreenFirst's balance sheet and invest further in its Ontario operations, with expected closure in Q1 2023. The sale was approved unanimously by GreenFirst's Board of Directors and awaits customary closing conditions. Paul Rivett, Chairman of GreenFirst, mentioned the transaction benefits both companies by aligning their growth strategies. The sale was concluded on March 14, 2023, for a finalized amount of $94 million (CAD 127,988,520.00). Paul Rivett thanked Chantiers Chibougamau and expressed GreenFirst's intent to focus on its Ontario operations. The sale led to the transition of over 500 employees to Chantiers Chibougamau. BMO Bank of Montreal advised GreenFirst exclusively during the transaction.