Vida AB expands into Central Sweden
AB Karl Hedin Sågverk operates three sawmills located in Central Sweden and will add approximately 230 million board feet to Vida's annual production capacity. Following completion of this acquisition, Vida will have annual production capacity of approximately 2.1 billion board feet. Annual synergies of approximately $15 million are expected to be achieved within three years as a result of this transaction principally related to alignment of marketing programs as well as log procurement and operational practices.
"This strategic acquisition will enhance Vida's strong operating platform and provide further diversification into Central Sweden. These operations have access to exceptionally high-quality timber and are well positioned to complement Vida's high-value product offering," said Susan Yurkovich, President and Chief Executive Officer of Canfor.
Canfor anticipates financing this transaction largely with cash on hand and new equity from minority Vida AB shareholders. The transaction is expected to close over the next several months and is subject to customary closing conditions, including regulatory approvals.
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 assumes no obligation to update such information to reflect later events or developments, except as required by law.
About Canfor Corporation.
Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and renewable energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. The Company has a 77% stake in Vida AB, Sweden's largest privately owned sawmill company and also owns a 54.8% interest in Canfor Pulp Products Inc. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.
SOURCE Canfor Corporation
Media Contact: Mina Laudan, VP, Corporate Affairs, (604) 661-5225, [email protected]; Investor Contacts: Pat Elliott, CFO and Corporate Secretary, (604) 661-5441, [email protected]; Dan Barwin, Head of Corporate Development, (604) 661-5390, [email protected]
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