Tembec To Sell its British Columbia Wood Products Assets
Tembec Inc. (TMB.TO) announced yesterday that it has reached an agreement to sell its British Columbia Southern Interior wood products assets to Canfor Corporation (CFP.TO) for a purchase price of $60 million, which includes working capital. Tembec last week announced that the sale transaction for its Toronto (Ontario) flooring plant assets as well as its Muskoka and Vintage brands with a private company had closed. It said total consideration for the transaction is approximately $13 million which remains subject to closing working capital adjustments. Tembec will also close the Huntsville (Ontario) hardwood flooring plant. This plant will cease operations in January 2012.
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