Western Forest Products sells ownership interest to Huu-ay-aht First Nations

P&PC Staff
December 14, 2018
By P&PC Staff
December 14, 2018 – Western Forest Products will sell a seven per cent interest in its Port Alberni forest operation to Huu-ay-aht First Nations in a newly formed limited partnership for $7.2 million.

The assets of the limited partnership will consist of certain Western assets in its Port Alberni Forest Operation, including TFL 44 and other associated assets and liabilities.

The transaction is expected to close in the first quarter of 2019 following approval from the province of BC and the Huu-ay-aht People's Assembly. Also, Western may sell Huu-ay-aht an incremental interest in the limited partnership subject to further negotiation.

The announcement backs the goals of the parties’ March 2018 Reconciliation Protocol Agreement. Western will continue to source fibre from the limited partnership assets to support its B.C. manufacturing facilities.

"Today’s announcement is a positive step towards increasing First Nations participation in the forest sector, which will benefit the Nation, local communities, Western, and our employees," says Don Demens, Western’s president and CEO.

"We are excited with today’s announcement and look forward to continuing to explore opportunities with Western, including aligning our interests in manufacturing and potentially involving other First Nations in a shared vision for forestry over the next several years," says Robert J. Dennis Sr., Huu-ay-aht chief councillor.

The shared vision of Huu-ay-aht and Western includes a framework for reconciliation and revitalization of the Alberni Valley forest sector. The framework includes opportunities for increased participation of area First Nations through tenure ownership, employment and business opportunities, sustained domestic manufacturing, increased training, effective marketing and value-added product innovation, and strong environmental stewardship.

Add comment

Disclaimer
Note: By submitting your comments you acknowledge that Pulp and Paper Canada has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that due to the volume of e-mails we receive, not all comments will be published and those that are published will not be edited. However, all will be carefully read, considered and appreciated.


Security code
Refresh

Subscription Centre

 
New Subscription
 
Already a Subscriber
 
Customer Service
 
View Digital Magazine Renew

Most Popular

We are using cookies to give you the best experience on our website. By continuing to use the site, you agree to the use of cookies. To find out more, read our Privacy Policy.