"The transaction is a positive step for Western, for Huu-ay-aht and for the Alberni Valley," said Don Demens, Western's President and CEO. "This new partnership will directly increase First Nations participation in the forestry sector, while creating greater stability for our business, our customers, and our employees."

The shared vision of Huu-ay-aht and Western includes a framework for reconciliation and revitalization of the Alberni Valley forest sector. The framework includes opportunities for increased participation of area First Nations through tenure ownership, employment and business opportunities, sustained domestic manufacturing, increased training, effective marketing and value-added product innovation, and strong environmental stewardship.

The TFL 44 Limited Partnership assets consist of certain Western assets in its Port Alberni Forest Operation, including TFL 44 and other associated assets and liabilities. The transaction is consistent with the goals of the parties' March 2018 Reconciliation Protocol Agreement.