Western Forest Products comments on land sale
October 30, 2007 By Pulp & Paper Canada
Duncan, BC — Western Forest Products issued a press release noting that it has been made aware of reports in the m…
Duncan, BC — Western Forest Products issued a press release noting that it has been made aware of reports in the media that it has sold approximately 2,550 hectares of higher and better use private lands on southern Vancouver Island, near Jordan River. The company confirms that it has entered into an agreement to sell these lands but that the agreement is highly conditional and subject to due diligence. Accordingly, there can be no certainty that the agreement will be completed. Until the conditions in the agreement have been lifted, the company will make no further comment on this matter.
Western had previously disclosed that it intends to sell its non-core assets, including these Southern Vancouver Island lands. Western had also disclosed that it believes the sale of all of the non-core assets could generate an estimated $150 to $180 million in net proceeds.
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