Tembec Launches British Columbia Land Sale Initiative
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Tembec, Montreal, Que., Canada, this week announced that it will sell approximately 1,875 hectares of land within the Regional District of East Kootenay, B.C., to Jemi Holdings Ltd. for $4.2 million. Closing of the transaction is expected to occur on or about November 1.
Tembec owns approximately 64,500 hectares of land in the East Kootenay region. It is currently pursuing the sale of several parcels of land and has set an objective of realizing up to $75 million in land sales, including the previously noted transaction, by December 2014. The company will provide regular updates on the B.C. Land Sale Initiative as it progresses. There can be no assurance, Tembec notes, that it will attain the stated objective or that it will do so within the specified time period.
Tembec is a producer of pulp, paper, and specialty cellulose, as well as forest products (lumber). Its principal operations are in Canada and France. The company has some 3,400 employees and annual sales of approximately $1.6 billion.
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