Tembec, Montreal, Que., Canada, completed the sale of approximately 17,700 hectares of land within the Regional District of East Kootenay, B.C., Canada, to Jemi Fibre Corp. Total consideration for the transaction was $15 million. The transaction is the first part of a two-phase sale. The second phase of the sale, expected to occur this September, relates to the sale to Jemi of approximately 31,800 hectares for a price of $20 million. This second phase remains subject to Jemi obtaining adequate financing. 

 

The transaction is part of Tembec’s BC Land Sale Initiative. The company has set an objective of realizing up to $70 million in land sales by this December. To date, the company has realized a total of $38.6 million. 

 

Tembec is a producer of pulp, paper, specialty cellulose, and lumber. Its principal operations are in Canada and France. The company has some 3,500 employees and annual sales of approximately $1.6 billion.