Interfor to Sell Acorn Specialty Sawmill in British Columbia
12 Abril 2022 - 9:00PM
INTERFOR CORPORATION (“Interfor” or the “Company”)
(TSX: IFP) announced today that it has reached an agreement to sell
its Acorn specialty sawmill located near Vancouver, British
Columbia (“B.C.”) (the “Mill”) to an affiliate of San Industries
Ltd. (the “San Group”).
The Mill is located on an approximately 30-acre
leased site on the Fraser River in Delta, B.C. The Mill was built
in 1963 and was acquired by Interfor in 2001 from Primex Forest
Products. The Mill specializes in producing lumber squares for the
traditional Japanese home market and most of the production is
exported to Asia. The Mill has a two-shift rated capacity of
approximately 140 million board feet per year, but has been
operating on a one-shift basis for many years. The Mill produced 56
million board feet of lumber in 2021, representing approximately 2%
of Interfor’s total company-wide production in 2021.
San Group is a privately held, B.C. based forest
products company, with primary and value-added lumber manufacturing
operations in Port Alberni and Langley, B.C. The San Group intends
to continue operating the Mill.
The completion of the transaction is subject to
customary conditions and is expected to close in the second quarter
of 2022.
FORWARD-LOOKING STATEMENTSThis
release contains forward-looking information about the Company’s
business outlook, objectives, plans, strategic priorities and other
information that is not historical fact. A statement contains
forward-looking information when the Company uses what it knows and
expects today, to make a statement about the future. Statements
containing forward-looking information in this release, include but
are not limited to, statements regarding production capacity,
future plans, regulatory approvals and the expected closing date,
and other relevant factors. Readers are cautioned that actual
results may vary from the forward-looking information in this
release, and undue reliance should not be placed on such
forward-looking information. Risk factors that could cause actual
results to differ materially from the forward-looking information
in this release are described in Interfor’s annual Management’s
Discussion & Analysis under the heading “Risks and
Uncertainties”, which is available on www.interfor.com and under
Interfor’s profile on www.sedar.com. Material factors and
assumptions used to develop the forward-looking information in this
report include the fulfilment of the conditions to completing the
transaction described in this release. Unless otherwise indicated,
the forward-looking statements in this release are based on the
Company’s expectations at the date of this release. Interfor
undertakes no obligation to update such forward-looking information
or statements, except as required by law.
ABOUT INTERFORInterfor is a growth-oriented
forest products company with operations in Canada and the United
States. The Company has annual lumber production capacity of 4.9
billion board feet and offers a diverse line of lumber products to
customers around the world. For more information about Interfor,
visit our website at www.interfor.com.
Investor Contacts:
Rick Pozzebon, Senior Vice President & Chief Financial
Officer(604) 689-6804
Mike Mackay, Vice President of Corporate Development &
Strategy (604) 689-6846
Media Contact:
Svetlana Kayumova, Manager, Corporate Affairs(604)
422-7329svetlana.kayumova@interfor.com
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