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Nexfor sells Quebec sawmills

Nexfor Inc. has signed an agreement to sell its sawmills at La Sarre and Senneterre, QC, to Tembec for approximatel…

Nexfor Inc. has signed an agreement to sell its sawmills at La Sarre and Senneterre, QC, to Tembec for approximately $50 million plus working capital.
Nexfor said it would record a pre-tax gain of approximately $19 million US on the sale.
The transaction is expected to close in the fourth quarter of 2003.
The sawmills, which are not integrated with Nexfor’s paper business, have a combined annual production of 260 million board feet of lumber. Nexfor’s oriented strand board (OSB) operations at La Sarre and Val-d’Or, QC, will not be affected by the sale.