Interfor approved for acquisition of P&T sawmills
January 14, 2008 By Pulp & Paper Canada
Vancouver, BC — International Forest Products (Interfor) announced it has received Bankruptcy Court approval in C…
Vancouver, BC — International Forest Products (Interfor) announced it has received Bankruptcy Court approval in Canada and the U.S. to proceed with the acquisition of three Pope & Talbot sawmills and related timber tenures for $US69 million plus working capital.
The transaction has also been approved by the Canadian Competition Bureau and U.S. anti-trust authorities. Completion of the transaction remains conditional upon certain other regulatory approvals which are expected to be in hand by the end of March 2008.
Interfor also announced that it had reached agreement to sell the Spearfish, SD, sawmill, being acquired as part of the P&T transaction, to Neiman Enterprises, a family-owned company based in Hulett, WY. The sale of the Spearfish sawmill will close concurrently with the P&T transaction. Interfor will receive approximately US$14 million plus working capital from the Spearfish sale.
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