Tembec to Sell 7,150 Hectares in British Columbia

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Tembec, Canada, has agreed to sell some 7,150 hectares of land within the Regional District of East Kootenay, B.C., Canada, to Teck Resources Limited for $19 million. Closing of the transaction is expected to occur in December, and is subject to customary closing conditions.

The transaction is part of the previously announced B.C. Land Sale Initiative. The company’s objective is to realize up to $75 million in land sales by December 2014. To date, the company has realized a total of $23.2 million.

Tembec will provide regular updates on the B.C. Land Sale Initiative as it progresses, adding that there can be no assurance that it will attain the stated objective or that it will do so within the specified time period.

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