Weyerhaeuser sells BC assets
February 21, 2005 By Pulp & Paper Canada
Weyerhaeuser is selling its BC coastal group assets to Brascan Corporation. The two companies have entered into an…
Weyerhaeuser is selling its BC coastal group assets to Brascan Corporation. The two companies have entered into an agreement for the sale, which is worth roughly $1.2 billion, plus the cost of working capital. Weyerhaeuser intends to use the capital for debt repayment.
The enterprise includes 258,000 hectares of private timberlands and the annual harvesting rights to 3.6 million cubic metres of public land timber. Also included in the sale are five softwood mills and two re-manufacturing facilities.
Weyerhaeuser has confirmed that it expects the sale to be complete in the second quarter. Although the transaction isn’t dependent on financing, it is subject to regulatory approvals.
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