Interfor Completes Acquisition Of Simpson Lumber Sawmills
Interfor Corporation (IFP) announced today it has completed the acquisition of four sawmills from Simpson Lumber Company, LLC, increasing its annual lumber production capacity by 30 percent to 3.1 billion board feet and reinforcing its position as the fastest growing lumber company in the world.
The purchase of the sawmills in Tacoma (Commencement Bay), WA; Longview, WA; Meldrim, GA; and Georgetown, SC, are key to Interfor’s growth strategy and firmly establishes its presence in the US. Two-thirds of Interfor’s total annual capacity is now in the US: 900 million board feet in the Northwest and 1.2 billion board feet in the Southeast.
“Simpson is an iconic company in our industry, founded in 1890,” said President and CEO Duncan Davies. “We take great pride in the fact that Simpson’s Vice Chair Allan Trinkwald, its Board of Directors and shareholders had the faith in Interfor to take on the responsibility for these mills which have been a core piece of their lumber business.”
“We are also pleased to welcome 400 new employees to Interfor,” added Davies. “We look forward to working with them to deliver the highest standards of product quality and customer service that have come to define our company and are critical to our long-term success.”
Interfor purchased the four mills for US$94.7 million plus working capital and contingent future payments. To partially finance the acquisition, the company completed a bought deal public offering of 3,300,000 subscription receipts for gross proceeds of $66,330,000. In connection with the completion of the acquisition, each subscription receipt has been automatically exchanged, for no additional consideration, for one common share of the company. The subscription receipts will be delisted from the Toronto Stock Exchange at the open of market today. Holders of subscription receipts are not required to take any action in order to receive their common shares.
RELATED ARTICLES
Interfor Purchases Four Sawmills From GP
Interfor Is Purchasing WestRock Summerville Sawmill
Interfor Lays Off Gilchrist Staff
Latest News
Weyerhaeuser Led Company Through Key Years
George H. Weyerhaeuser Sr., who served as president and CEO of Weyerhaeuser Co. from 1966 to 1991 during an exciting period of wood products development while encountering new timber supply challenges brought on by an aggressive environmental movement in the Northwest, died June 11, 2022 in his sleep at home in Lakewood (Tacoma), Wash. He was 95…
Armor In Housing Starts Reveals Crack
U.S. housing starts dropped significantly in May 2022, down 14.4% from April to a seasonally adjusted rate of 1.549 million, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report. Both single-family and multi-family starts took hits…
Most Lumbermen Remain Optimistic
Article by Rich Donnell, Editor-in-Chief, Timber Processing June 2022 – The great and colorful Satchel Paige, who pitched more than 20 years in the Negro Leagues before winding down his career pitching five seasons in the…
Find Us On Social
Newsletter
The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.
Subscribe/Renew
Timber Processing is delivered 10 times per year to subscribers who represent sawmill ownership, management and supervisory personnel and corporate executives. Subscriptions are FREE to qualified individuals.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.