Sumitomo Forestry America Acquires Teal Jones Louisiana Mill
In early April, Sumitomo Forestry Co., Ltd. announced that its Board of Directors has agreed to acquire 100% of the shares of Teal Jones Louisiana Holdings, LLC (TJLH) through its wholly owned subsidiary Sumitomo Forestry America, Inc. (SFAM) and will begin the procedures to make TJLH a consolidated subsidiary.
As part of the acquisition, Sumitomo will gain the Teal Jones-Plain Dealing southern yellow pine dimensional lumber mill in northern Louisiana that has been plagued by machinery and production issues since its announced startup. It is unclear if the facility ever fully ramped up to its nameplate capacity. Sumitomo Forestry announced plans to make the sawmill a wholly owned subsidiary with the aim to expand its business and build a stable materials supply system for its overseas housing business and real estate business through sawmill operations in the U.S. South and the sale of wood lumber products, such as dimensional lumber.
The acquisition will be carried out in accordance with procedures outlined under the Companies’ Creditors Arrangement Act of Canada and Chapter 15 of the U.S. Bankruptcy Code. It is subject to approval by the courts of Canada and the U.S. Following the completion of all due diligence, SFAM hopes to complete the acquisition by the second quarter of fiscal year 2025.
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