VANCOUVER, British Columbia, Dec. 06, 2017 (GLOBE NEWSWIRE) — Western Forest Products Inc. (TSX:WEF) (“Western” or the “Company”) today announced that it has entered into an agreement with Hampton Lumber Mills-Washington, Inc. (“Hampton”) to acquire Hampton’s lumber processing and distribution centre in Arlington, Washington. The purchase price of the transaction is approximately USD $9 million and is anticipated to close in January 2018.
“This acquisition is a natural fit for Western as it allows us to increase the production of targeted, finished products while also providing a centralized warehousing and distribution centre to more effectively service our selected U.S. customers,” said Don Demens, President and CEO of Western. “This asset in Washington State also strengthens our global competitiveness by positioning Western to mitigate the damaging effects of duties on our products destined for the U.S. market.”
The site is ideally suited for Western’s central distribution needs with direct rail service and close proximity to the Company’s major U.S. markets.
About Western Forest Products Inc.
Western is an integrated Canadian forest products company and is the largest coastal British Columbia woodland operator and lumber producer. The Company has an annual available harvest of approximately 6.1 million cubic metres of timber, of which approximately 5.9 million cubic metres is from Crown lands. Western has a lumber capacity in excess of 1.1 billion board feet from seven sawmills and one remanufacturing plant. Principal activities conducted by the Company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips, and value added remanufacturing. Substantially all of Western’s operations, employees and corporate facilities are located in the coastal region of British Columbia, with sales worldwide.
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Forward Looking Statements and Information
This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate” and similar references to future periods. Forward-looking statements in this press release include, but are not limited to, the anticipated timing and benefits of the transaction between the Company and Hampton Lumber. Although such statements reflect management’s current reasonable beliefs, expectations and assumptions, there can be no assurance that the proposed transaction will occur or that the anticipated strategic benefits will be realized in their entirety, in part or at all. Many factors could cause our actual results or performance to be materially different, including the factors discussed in the company’s annual information form, which is available on the Company’s website at www.westernforest.com. Forward-looking statements are based only on information currently available to us and refer only as of the date hereof. Except as required by law, we undertake no obligation to update forward-looking statements.