|By Marketwired .||
|August 1, 2014 04:30 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/01/14 -- Canfor Corporation (TSX: CFP) is pleased to announce the purchase of the operating assets of Balfour Lumber Company and Beadles Lumber Company. The transaction includes two sawmills located in Thomasville and Moultrie, Georgia in an area with a high quality and sustainable fibre supply. The Balfour and Beadles mills produce quality southern yellow pine lumber and the operations have a combined capacity of 210 million board feet after reflecting planned near term capital. The purchase is structured with 55% being acquired in January 2015 and the balance after a two year period.
"The Balfour and Beadles sawmills are strong high performing assets in a supply area of sustainable and quality fibre." said Canfor Corporation President and CEO Don Kayne. "These mills and the management team in Georgia will contribute to the strength of Canfor."
The transaction is subject to standard closing conditions.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor and the Purchaser assume no obligation to update such information to reflect later events or developments, except as required by law.
Canfor is a leading integrated forest products company based in Vancouver, British Columbia (BC) with operations in BC, Alberta, North and South Carolina and Alabama. Canfor produces primarily softwood lumber, and also produces bleached chemi-thermo-mechanical pulp and specialized wood products. Canfor also owns a 50.4% interest in Canfor Pulp Products Inc., which is one of the largest producers of northern softwood kraft pulp in Canada and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP.
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