PORTLAND, Oregon (From news reports) -- Conifex Timber Inc. has entered into a definitive purchase agreement with Hampton Lumber for the sale of its Fort St. James sawmill and associated forest license. The purchase price is approximately $39 million plus the market value of finished lumber and log inventory at closing.
Ken Shields, Conifex's Chair and CEO, stated: "We have known for some time that lumber industry rationalization is inevitable because too little sawlog supply is available to maintain the existing manufacturing base in the Interior region of BC. The decision we have taken to sell the mill was extremely difficult; however, we are encouraged by Hampton's plans for the site. We believe this transaction supports the Province's objectives for industry rationalization that is mindful of the impacts on people, communities and First Nations."
Hampton Lumber operates nine sawmills in Oregon, Washington and British Columbia, including two in the Burns Lake area of British Columbia.
Due to continued uncertain market conditions, Conifex does not expect to resume normal operations at the Fort St James site prior to closing of the transaction.
Conifex and its subsidiaries' primary business currently includes timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing and distribution.
Hampton Lumber is a fourth-generation, family-owned company based in Portland, Oregon, dedicated to providing quality wood products and responsible forestland management in the Pacific Northwest and Canada.
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