Western Forest Products to Sell Woodfibre Pulp Mill Site in B.C.
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Western Forest Products Inc., Vancouver, B.C., Canada, has entered into a conditional agreement to sell its former Woodfibre Pulp Mill site for $25.5 million. The site, consisting of 212 acres of industrial waterfront land, is located at the head of Howe Sound, southwest of Squamish, B.C. Closing of the sale is subject to certain conditions, and Western will be responsible for satisfactorily remediating the property to applicable environmental standards prior to closing the sale. The net proceeds from the sale are expected to be approximately $17 million.
"Our non-core asset divestiture program will continue to further strengthen our balance sheet and provides additional financial flexibility to pursue our strategic capital plan," said Dominic Gammiero, chairman and CEO.
Western Forest Products is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an annual available harvest of approximately 6.4 million cubic meters of timber, of which approximately 6.2 million cubic meters is from Crown lands and lumber capacity in excess of 1.1 billion board feet from eight sawmills and three remanufacturing plants.
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