Canfor Concluded Acquisition of Millar Western Products Assets

SEATTLE (Scrap Monster): Canfor Corporation announced that it has successfully completed acquisition of assets of Millar Western Products Ltd. The acquisition was announced in mid-December last year.

Don Kayne, President and CEO, Canfor said that the company is excited to welcome the employees at the Whitecourt, Fox Creek and Spruceland facilities to the Canfor team. The additional manufacturing capacity in Alberta gained by way of the acquisition will help Canfor to meet the growing demand for its customers for high-quality, sustainable wood products, he added.

ALSO READ: Canfor Announced Permanent Capacity Reduction at Plateau Sawmill

The acquisition deal was valued at $420 million, including $56 million in working capital. The acquired solid wood products assets include lumber mills and woodlands operations along with associated forest tenure. It comprises three well-capitalized operations, including two sawmill complexes in Whitecourt and Fox Creek and the Achenson specialty Spruceland Millworks facility. The acquisition will add approximately 630 million board feet of production capacity.

It must be noted that the Millar Western’s bleached chemi-thermomechanical pulp (BCTMP) mill in Whitcourt was not part of the transaction.