GreenFirst sells interest in private forest lands in Ontario
November 7, 2022 By P&PC Staff
GreenFirst Forest Products entered into an agreement to sell its interest in private forest land in Ontario. The company is giving up its interest in approximately 203,000 acres of private forest land to Perimeter Forest Limited Partnership for cash consideration totalling $49.25 million.
The property is located in the boreal forest south of Kapuskasing, Ontario.
“We are pleased to announce this transaction with Perimeter,” said Paul Rivett, GreenFirst’s chairman. “The sale of these lands will allow Perimeter to foster long-term ecosystem benefits on the property and unlocks hidden value for GreenFirst shareholders.”
Daniel Andres, Perimeter’s chief operating officer noted that “GreenFirst’s legacy of good stewardship of the land combined with its attractive ecological features were value drivers for Perimeter.”
The transaction closes on November 9.
GreenFirst Forest Products owns one paper mill and seven sawmills across Ontario and Quebec.
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