Rayonier Advance Materials (RYAM), a global leader in high purity cellulose pulp, and GreenFirst Forest Products Inc. (GreenFirst), a Canadian lumber company, announced today that the parties have entered into a binding asset purchase agreement in which RYAM has agreed to sell all of its six lumber and one newsprint facilities and related assets located in Ontario and Quebec to GreenFirst for an expected purchase price of approximately $214 million (USD), including inventory on hand at the time of closing, which will be payable in approximately 85% cash, 15% common shares of capital GreenFirst.
News in lumber
Maine’s Hancock Lumber Announces Purchase of Lapointe Lumber
Maine’s Hancock Lumber, a seventh-generation integrated forest products company, which currently operates nine existing lumber yards, eight kitchen design showrooms, three sawmills, truss and wall panel manufacturing facilities, and timberlands, has announced that it has agreed to purchase Lapointe Lumber, a fourth-generation building materials supplier, with facilities in the Augusta and Gardiner markets.
Northern Ontario Lumber Producers Struggle to Keep Up with Surging Demand
Northern Ontario lumber producers are struggling to keep up with surging demand as lumber prices in North America are reaching all-time highs. After a difficult year in 2020 for sawmill operations, leading some producers in Northern Ontario to ask for government assistance to remain in operations, the industry experienced a real turn around thanks to rising prices.
Interfor Corporation Completes Acquisition of Summerville South Carolina Sawmill from WestRock
Interfor Corporation announced on Saturday, March 13, 2021 that it has completed the previously-announced transaction to acquire the WestRock Company’s sawmill located in Summerville, South Carolina.
Westervelt Company Celebrates the Completion of Their New Thomasville Alabama Sawmill Facility
Westervelt Company celebrated the completion of their new Thomasville Alabama sawmill facility and shipped the mill’s first load of lumber on Friday March 5th.
Quebec Sawmill Experiences Immediate Savings When Switching to Electric Kiln Drying
It took them nearly a decade, but Scierie Girard, a sawmill based in Shipshaw, Que., finally convinced Hydro-Quebec to offer a rebate for medium-volume customers who want to use the utility’s surplus electric power.
Interfor to Acquire Summerville South Carolina Sawmill from WestRock Company
Interfor Corporation announced on Tuesday (2-9-21), that they had reached an agreement to acquire WestRock Company’s, Summerville South Carolina sawmill facility for $59 million (USD).
Tulloch Timber (Nairn) Ltd., Receives Highland and Island Enterprise Investment
Tulloch Timber (Nairn) Ltd., a family based sawmiller of Scottish Softwoods, has been awarded a Highlands and Islands Enterprise (HIE) investment of £35,858, that will be used to help support their expansion project.
Blue Wolf Capital Partners LLC Announces Their Investment in Vicksburg Forest Products LLC
Blue Wolf Capital Partners LLC, a New York based private equity firm, announced today (2-8-21) that it has made an investment in Vicksburg Forest Products, LLC (VFP) a manufacturer of Southern Yellow Pine lumber products at their sawmill facility in Vicksburg, Mississippi.
Resolute Forest Products Announces Reopening of Ignace Sawmill
Resolute Forest Products announced on Thursday (2-4-21) that they are going to reopen the Ignace sawmill, starting with one shift next week, and that is going to increase the on-site employment to about 25 people. Seth Kursman, Resolute spokesperson added they idled the sawmill in 2019 but kept a skeleton staff on hand, spending about $125,000 a month to maintain the mill.