1347 LLC, operating under Itasca Capital, announced on Thursday (9-17) that they have purchased the closed Kenora Forest Products for $11.5 million. According to a media release the purchased assets include the sawmill and related equipment and lands of approximately 114 acres. The sawmill sits on a 42-acre site leaving over 72 acres of undeveloped lakefront on Lake of the Woods. Along with the sawmill, Itasca Capital has added Rick Doman of Eacom and Doman Industries to its board, along with Paul Rivett. The sale of the sawmill is expected to close Oct. 5, following a court approved sale Sept. 9 in Winnipeg. Itasca Capital says the operation has access to up to 450,000 cubic meters per year of high-quality, northern spruce, pine, fir timber and is equipped to produce up to 100 million board feet per year on two shifts. In a media press release Itasca said, “It is expected that the Kenora sawmill can be optimized to achieve production capacity of 200 million board feet annually” Itasca Capital will also be changing its name to operate under GreenFirst Forest Products.
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