Canfor Subsidiary to Acquire Strategic Assets
Canfor Corporation announced that its 70%-owned subsidiary, Vida Group, has entered into an agreement to purchase three sawmills located in Sweden from Bergs Timber for a purchase price of CAD$43 million plus working capital. The three mills, which are located in Vimmerby, Mörlunda and Orrefors, Sweden, will add approximately 215 million board feet to Vida’s annual capacity. With additional investment, Vida anticipates the production capacity of the mills can be increased to 300 million board feet. After taking into account this additional production capacity, Sweden represents 22% of Canfor’s globally diversified operating platforms, plus 43% in British Columbia, 31% in the Southern United States and 4% in Alberta.