Tembec Closes Sale of Hydro-Electric Generating Assets
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Tembec, Temiscaming, Que., Canada, this past week closed the sale of its hydro-electric generating assets in Smooth Rock Falls, Ont., Canada, to Gemini-SRF Power Corp. Total consideration for the hydro assets, which have a capacity of approximately 7.4 MW, was $16.5 million.
"This transaction is consistent with the company's strategic plan and represents an attractive valuation for the assets," said James Lopez, president and CEO of Tembec. "It provides the opportunity to redeploy capital to establish superior returns for our shareholders or further enhance our liquidity."
As a result of the sale, Tembec will record a gain of approximately $3 million in its June 2011 fiscal quarter financial results.
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