Tembec sells BC land
October 16, 2007 By Pulp & Paper Canada
Temiscaming, QC — Tembec has announced that it has completed the sale of approximately 345 hectares of land near F…
Temiscaming, QC — Tembec has announced that it has completed the sale of approximately 345 hectares of land near Fernie, BC, to Ridgemont Holdings for over $16 million. The sale is part of the company’s recovery plan to improve liquidity by approximately $100 million, and will not affect the company’s ability to provide fibre to its sawmills.
“While margin improvement at all sites was the primary focus of this plan, it also included an initiative to monetize non-core assets. This transaction meets the criteria of this initiative, with lands possessing high economic and development value being monetized,” noted John Valley, Tembecs executive VP of Business Development. “We believe it is a good transaction for both parties and for the Fernie region.”
“This land holding represents a wonderful opportunity for us,” said Rita Barrington, speaking on behalf on Ridgemont Holdings. “We are mindful of the privilege of owning such a unique parcel of land, the broader interests of the community and the need for protection of the natural environment.”
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