International Forest Products Limited
TSX : IFP.A

International Forest Products Limited

January 07, 2008 18:34 ET

Interfor Receives Court Approval to Proceed With Acquisition of Pope & Talbot Sawmills

Spearfish Sawmill to be sold concurrently to Neiman Enterprises, Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 7, 2008) - International Forest Products Limited ("Interfor" or the "Company") (TSX:IFP.A) announced today it has received Bankruptcy Court approval in Canada and the U.S. to proceed with the acquisition of three Pope & Talbot ("P&T") sawmills and related timber tenures for $US69 million plus working capital.

The transaction has also been approved by the Canadian Competition Bureau and U.S. anti-trust authorities. Completion of the transaction remains conditional upon certain other regulatory approvals which are expected to be in hand by the end of March 2008.

Interfor also announced that it had reached agreement to sell the Spearfish, South Dakota sawmill, being acquired as part of the P&T transaction, to Neiman Enterprises, Inc., a family-owned company based in Hulett, Wyoming. The sale of the Spearfish sawmill will close concurrently with the P&T transaction. Interfor will receive approximately US$14 million plus working capital from the Spearfish sale.

Interfor is one of the Pacific Northwest's largest producers of quality wood products. The Company has operations in British Columbia, Washington and Oregon, including three sawmills in the Coastal region of British Columbia, one in the B.C. Interior, one in Washington and two in Oregon. In addition, Interfor operates value-added remanufacturing and specialty products facilities in B.C. and Washington.

Contact Information

  • International Forest Products Limited
    Ric Slaco
    Vice President & Chief Forester
    (604) 689-6843
    Website: www.interfor.com