VANCOUVER, BC - Canfor Corp. has purchased the operating assets of Balfour Lumber Co. and Beadles Lumber Co., extending the Canadian lumber firm's reach further into the United States.
Included in the sale are two southern yellow pine sawmills located in Georgia, with a combined capacity of 210 million board feet. Canfor (TSX: CFP) also has operations in North and South Carolina and Alabama, as well as Alberta and British Columbia.
Canfor said the purchase is structured with 55 percent being acquired in January 2015 and the balance after a two-year period.
“The Balfour and Beadles sawmills are strong high performing assets in a supply area of sustainable and quality fiber,” said Canfor President and CEO Don Kayne. “These mills and the management team in Georgia will contribute to the strength of Canfor."
Balfour Lumber got its start in 1935 as a division of Georgia Crate and Basket Co. In 2001 the Thomasville, GA-based Balfour Lumber was purchased by Victor and Bryant Beadles, owners of Beadles Lumber. Based in Moultrie, GA, Beadles Lumber also has been in business since the 1930s.
Canfor Corp. is not the only Canadian lumber firm to increase its U.S. holdings. Earlier this year Vancouver-based West Fraser signed an agreement to purchase Bibler Brothers Lumber's sawmill and lumber manufacturing operations in Russellville, AR, ass well as Travis Lumber Co.'s sawmill and lumber manufacturing operations in Mansfield, AR.
Have something to say? Share your thoughts with us in the comments below.