ENFIELD, N.C. - The Austrian binderholz Group has purchased all assets of Klausner Lumber Two LLC, headquartered in Enfield, North Carolina, at a virtual auction for $83.4 million. Klausner made waves when it filed for bankruptcy back in March, prompting a lawsuit from employees.
In August, binderholz acquired Klausner's Florida sawmill for $61 million. Both sawmills specialize in southern yellow pine and are similar in performance. Each outputs around 350 million board feet of SYP annually.
"The acquisition of Klausner Lumber Two in Enfield, North Carolina, is the logical complement to the Klausner Lumber One plant in Live Oak, Florida, which we acquired in August," said binderholz CEO Reinhard Binder. "This step will significantly improve availability for our customers. With this acquisition accomplished, the foundation has been laid for further investments in the depth of value creation."
Klausner shut down its Florida mill abruptly March 16 - around the same time its Austrian-born management team returned to their home country due to fears of COVID. But employees were never paid for their final weeks. They launched a lawsuit, saying the company failed to provide at least a 60-day notice, violating the WARN Act.
A settlement was proposed, declaring a new owner must purchase the property, bring the facility back online, and put employees back to work.
With the recent acquisition, binderholz says it's now the largest European sawn timber producer. With its 9 sawmills in Austria, Germany, Finland and the USA, binderholz has a capacity of approximately 8.5 million solid cubic meters of roundwood.
Have something to say? Share your thoughts with us in the comments below.