Western Forest Products Inc. has entered into a conditional agreement for the sale of its former Woodfibre Pulp Mill site for the purchase price of $25.5 million. The site, consisting of 212 acres of industrial waterfront land, is located at the head of Howe Sound, southwest of Squamish, B.C.
Western will be responsible for satisfactorily remediating the property to applicable environmental standards prior to closing the sale. The net proceeds from the sale are expected to be approximately $17 million.
The sale is part of Western’s non-core asset divestiture program. Western is an integrated forest products company and the largest coastal British Columbia woodland operator and lumber producer.
The Squamish NBSK pulp mill was shut down in 2006.