Western Forest Products Inc. Continues Progress
Vancouver, British Columbia, Canada 28 January 2013 -- Vancouver, British Columbia. Western Forest Products Inc. (TSX:WEF) ("Western" or the "Company") today announced that it has entered into a conditional agreement for the sale of its former Woodfibre Pulp Mill site for the purchase price of $25.5 million. The site, consisting of 212 acres of industrial waterfront land, is located at the head of Howe Sound, southwest of Squamish, British Columbia. Closing of the sale is subject to certain conditions, and Western will be responsible for satisfactorily remediating the property to applicable environmental standards prior to closing the sale. The net proceeds from the sale are expected to be approximately $17 million.
“Our non-core asset divestiture program will continue to further strengthen our balance sheet and provides additional financial flexibility to pursue our strategic capital plan” said Dominic Gammiero, Chairman and Chief Executive Officer.
Western Forest Products
Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an annual available harvest of approximately 6.4 million cubic metres of timber of which approximately 6.2 million cubic metres is from Crown lands and lumber capacity in excess of 1.1 billion board feet from eight sawmills and three remanufacturing plants. Principal activities conducted by the Company include timber harvesting, reforestation, sawmilling logs into lumber and by-products and value-added remanufacturing. Substantially all of Western's operations, employees and corporate facilities are located in the coastal region of British Columbia while its products are sold in over 25 countries worldwide.