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Canfor Completes Acquisition of Tembec Assets in British Coumbia

Vancouver, British Columbia, Canada, 23 March 2012 -- Canfor announced today that it has completed the acquisition of the Tembec Industries Ltd. southern British Columbia interior wood products assets consisting of the Elko and Canal Flats sawmills and approximately 1.1 million cubic meters of combined Crown, private land, and contract annual allowable cut. The transaction includes a long-term residual fiber supply agreement for Tembec’s Skookumchuck mill.

“Canfor is pleased to welcome the former Tembec employees into the Canfor family and is looking forward to continuing the development of strong community and First Nations relationships,” said Don Kayne, president and CEO of Canfor. “This acquisition strengthens Canfor’s fiber position in BC while meeting the increasing needs of our highly valued global customers.”

The additional sawmill production will add approximately 420 million board feet to Canfor’s annual capacity bringing Canfor’s total capacity to more than 5 billion board feet. Canfor intends to make capital investments in excess of CAD 50 million in the southern British Columbia mill facilities over the next few years.


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