Interfor sells share in Western Stevendoring
April 26, 2005 By Pulp & Paper Canada
Seabord Shipping Company Limited, an enterprise in which Interfor holds a 71.2% partnership, has sold its 50% inter…
Seabord Shipping Company Limited, an enterprise in which Interfor holds a 71.2% partnership, has sold its 50% interest in Western Stevendoring to a wholly-owned subsidiary of Carrix, based in Seattle, WA. Seabord pocketed $42.5 million from the sale, $2.5 million of which was a dividend and the remaining $40 million from the sale of shares. Interfor will bank $27.7 million net, after tax proceeds and will record a one-time accounting gain of $20 million after tax, or $0.41 per share in the sector.
Interfor claims the sale is part of its plan to redirect its focus to its core manufacturing business. Proceeds from the sale will be used to repay the company’s debt, and enhance its balance sheet.
Print this page