Canfor finalizes agreement for phased purchase of Beadles and Balfour mills

VANCOUVER (Scrap Monster): Canfor Corporation has announced completion of purchase agreement towards acquisition of operating assets of Beadles and Balfour Lumber companies. The agreement outlines purchase of two sawmills located in the high quality and sustainable fibre supply areas-Thomasville and Moultrie, Georgia. As per agreement, 55% of the assets will be acquired immediately and the balance over a period of two years.

According to Don Kayne, President and CEO, Canfor, the acquisition will help strengthen the company with the addition of mills and the management team that operates these mills. The two mills are believed to have a combined capacity of 210 million board feet of quality southern yellow pine lumber.

Canfor Corporation is a Canadian integrated forest products company based in Vancouver, British Columbia. Canfor produces softwood lumber, plywood, oriented strand board and remanufactured lumber products. The majority of the company's operations are in British Columbia and Alberta; however, it owns a sawmill and timber harvesting rights in Quebec as well as numerous locations in the southern United States. Canfor also owns a controlling share in Canfor Pulp Limited Partnership, which produces northern softwood kraft pulp and kraft paper in BC.

Balfour Lumber Company began in 1935 as a division of Georgia Crate and Basket Company. In 2001 Balfour Lumber Company was purchased by Victor and Bryant Beadles. Today, under the direction of Bryant Beadles, Balfour Lumber Company has increased production to 65,000,000 board feet of 1" boards.