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Conifex Timber completes sale of U.S. sawmill business

Christian Fernsby |
Conifex Timber yesterday announced that it has closed its previously announced transaction with an affiliate of Resolute Forest Products for the sale of its U.S. sawmill business, consisting of its El Dorado, Cross City and Glenwood sawmills and related operations.

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Topics: CONIFEX TIMBER    U.S.   

The purchase price was US$163 million, plus working capital, which is estimated at $13 million, for total consideration of $176 million.

Conifex's lumber segment credit facility was repaid in full on closing.

The balance of the proceeds from the sale are planned to be used for working capital and general corporate purposes.

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