VANCOUVER, BC — Conifex Timber Inc. has completed the acquisition of Welco Lumber Corp. and the transportation and logistics business Navcor Transportation Services Inc. According to the agreement, Conifex paid an aggregate purchase price of $1,576,476 plus the book value of certain specified inventory on the date of closing. The company also has agreed to pay certain commissions for up to three-years.
Conifex announced its intention to acquire the companies in fall 2011. At the time, Conifex said it intended to operate its lumber distribution business under a newly formed company and maintain the trading relationships previously established by its commodity lumber sales group.
In related news, Conifex announced that Brad Johansen resigned as a director of the company Dec. 31, 2011, in order to pursue other interests.
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