VANCOUVER, BRITISH COLUMBIA - Canfor announced today that further to its news release of November 28, 2011, it has completed the acquisition of the Tembec Industries Ltd. ("Tembec") southern British Columbia interior wood products assets consisting of the Elko and Canal Flats sawmills and approximately 1.1 million cubic metres of combined Crown, private land and contract annual allowable cut. The transaction includes a long term residual fibre supply agreement for Tembec's Skookumchuck mill.
"Canfor is pleased to welcome the former Tembec employees into the Canfor family and is looking forward to continuing the development of strong community and First Nations relationships," said Don Kayne, President and CEO of Canfor. "This acquisition strengthens Canfor's fibre position in BC while meeting the increasing needs of our highly valued global customers," said Mr. Kayne.
The additional sawmill production will add approximately 420 million board feet to Canfor's annual capacity bringing Canfor's total capacity to more than 5 billion board feet. Canfor intends to make capital investments in excess of $50 million in the southern BC mill facilities over the next few years.
Source: Canfor Corp.
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