Canfor Completes Purchase of Tembec's B.C. Southern Interior Wood Products Assets

Canfor, Vancouver, B.C., Canada, this week reported that it has completed the previously announced acquisition of Tembec Industries' southern British Columbia interior wood products assets consisting of the Elko and Canal Flats sawmills and approximately 1.1 million cubic meters of combined Crown, private land, and contract annual allowable cut. The transaction includes a long term residual fiber supply agreement for Tembec's Skookumchuck mill.

"Canfor is pleased to welcome the former Tembec employees into the Canfor family and is looking forward to continuing the development of strong community and First Nations relationships," said Don Kayne, president and CEO of Canfor. "This acquisition strengthens Canfor's fiber position in British Columbia while meeting the increasing needs of our highly valued global customers."

The additional sawmill production will add approximately 420 million board ft to Canfor's annual capacity, bringing its total capacity to more than 5 billion board ft. Canfor intends to make capital investments in excess of $50 million in the southern British Columbia mill facilities over the next few years.

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