VANCOUVER, BC- International Forest Products Ltd. (Interfor) has completed its acquisition of Keadle Lumber Enterprises' sawmill operations. Finalizing of the $45 million transaction was announced July 1.
The $45 million includes capital expenditures for additional kilns, which will bring the Thomaston, GA-based Keadle's operating capacity to more than 160 million board feet. The Keadle mill currently operates one shift.
"This acquisition is part of Interfor's strategy to grow our presence in the U.S. Southeast and reinforces our position as one of the world's largest and most diverse lumber companies," Interfor President and CEO Duncan Davies said in a statement. "Keadle's 75 employees have joined Interfor, and will work with us as we continue to build value for our customers, shareholders and other stakeholders."
This is the second U.S. acquisition this year by the Vancouver-based Interfor. Combined with the Rayonier mills purchased in March, Interfor said it will have total annual lumber capacity of more than 520 million board feet in the Southeast, almost a quarter of the company's total capacity.
Interfor has an annual capacity of more than 2.2 billion board feet. A global supplier of lumber and dimension stock, its species include: Douglas fir, white fir, southern yellow pine, hemlock and western red cedar.
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