Canfor to Sell Quebec Sawmill

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Canfor Corp., Vancouver, B.C., Canada, has agreed to sell its Daaquam sawmill in Saint-Just-de-Bretenières, Que., Canada, to Groupe Lebel Inc. The transaction is expected to close at the end of this month. The Daaquam mill produced 120 million board feet of lumber in 2013.

Don Kayne, CEO of Canfor said that "Daaquam was sold because it was not core to our Western Canadian operations. Groupe Lebel is a well-respected company and Daaquam is a good strategic fit for it. We wish Groupe Lebel and all employees of the Daaquam mill good luck in the future."

Proceeds of sale and working capital combined with the sale of other associated properties related to Daaquam to other third parties are expected to amount to approximately $25 million.

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