The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Canfor Announces Completion of Sale of Peace Valley OSB Joint Venture to LP

Friday, May 31, 2013

Canfor Announces Completion of Sale of Peace Valley OSB Joint Venture to LP

12:49 EDT Friday, May 31, 2013

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2013) - Canfor Corporation (TSX:CFP) announces that further to its news release of November 28, 2012, it has completed the sale of its 50 percent interest in the Peace Valley Oriented Strand Board (OSB) joint venture in Fort St. John, B.C., to Louisiana-Pacific Corporation (NYSE:LPX) ("LP"). LP is now the sole owner of the Peace Valley OSB mill. The proceeds of the sale are $77 million including working capital. In addition, Canfor will receive further consideration over a 3 year period based on Peace Valley OSB trailing twelve month EBITDA.

"The Peace Valley OSB operation has been an excellent operation in partnership with LP" said Don Kayne President/CEO of Canfor. "We wish LP every success and look forward to maintaining our relationship as we continue to manage the Peace Valley OSB mill's fibre resources".

Forward Looking Statements

Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor and the Purchaser assume no obligation to update such information to reflect later events or developments, except as required by law.

Canfor is a leading integrated forest products company based in Vancouver, British Columbia (BC) with operations in BC, Alberta, Quebec and North and South Carolina. Canfor produces primarily softwood lumber, and also produces bleached chemi-thermo-mechanical pulp and specialized wood products. Canfor also owns a 50.2% interest in Canfor Pulp Products Inc., which is one of the largest producers of northern softwood kraft pulp in Canada and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Canfor Corporation
Patrick Elliott
Vice President & Treasurer
(604) 661-5441
Patrick.Elliott@canfor.com


Canfor Corporation
Christine Kennedy
Vice President, Brand & External Relations
(604) 661-5225
Christine.Kennedy@canfor.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections