U.S. Court approves Interfor’s acquisition of Crown Pacific
September 7, 2004 By Pulp & Paper Canada
The U.S. Bankruptcy Court in Phoenix, AZ, approved the acquisition of the sawmill assets of Crown Pacific Limited P…
The U.S. Bankruptcy Court in Phoenix, AZ, approved the acquisition of the sawmill assets of Crown Pacific Limited Partners and its affiliates in the U.S. Pacific Northwest by International Forest Products. Interfor announced on July 9 that it had entered into an agreement to buy three Crown Pacific mills in Port Angeles and Marysville, WA, and in Gilchrist, OR, for US$57.3 million, plus working capital estimated at US$16 million. The transaction was scheduled to close on Sept. 1, 2004.
“We are very pleased that this deal has been approved by the courts,” said Duncan Davies, Interfor’s President and Chief Executive Officer. “This acquisition is consistent with our goal of expanding geographically and expanding our product lines.”
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