Montreal, Quebec, Canada, 03 September 2009 – Tembec today concluded an agreement to sell its 50% equity interest in Temrex Forest Products LP and its general partner Gestion PFT Inc., (collectively “Temrex”) to Société générale de financement du Québec (SGF) for CAD 12 million.
The sale is subject to certain conditions. The final proceeds are subject to adjustment for normal working capital and certain other items. Closing of the transaction is anticipated to occur by the end of September 2009. Temrex has been operated as a sawmilling joint venture with SGF in Quebec’s Gaspé region since 2002.
The sale of Tembec’s interest is part of the company’s initiatives to generate approximately CAD 100 million of liquidity. Including this sale, approximately CAD 26 million will have been achieved since the initiatives were first announced in April 2009.
As a result of the sale, Tembec will record a gain of approximately CAD 6 million in its September 2009 quarterly financial
Tembec is a large, diversified and integrated forest products company and a global leader in sustainable forest management practices. The company’s principal operations are located in Canada and France. Tembec’s common shares are listed on the Toronto Stock Exchange under the symbol TMB and warrants under TMB.WT. Additional information on Tembec is available at www.tembec.com