Weyerhaeuser has sold its mill in Miramichi, N.B., five years after it shut it down.
Wayne Roznowsky, speaking for Weyerhaeuser, said the company has sold it to Quebec's Arbec Forest Products.
Roznowsky says Arbec plans to re-open the mill later this year.
Arbec was the first company to go public with its intent to buy the mill four years ago. In 2009, the proposed deal fell through.
Weyerhauser closed the mill in January 2007, putting 150 people out of work. Back then, it said it could find no buyers for the mill.
The mill made material for building houses and sent almost all of it to the United States.
Miramichi Mayor Gerry Cormier said the $31 million deal was great news for the community.
"It's a big economic spin-off as you know. You're talking a hundred and some jobs, plus the spin offs. It's really going to change the face of this city and this area," he said Friday.