International Forest Products Limited

International Forest Products Limited

October 31, 2007 19:08 ET

International Forest Products Limited: Discussions Regarding Kamloops Sawmill Terminated

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - International Forest Products Limited ("Interfor" or the "Company") (TSX:IFP.A) announced today that it has terminated discussions with Weyerhaeuser Company ("Weyerhaeuser") relating to the proposed acquisition of Weyerhaeuser's Kamloops Sawmill.

On August 7, 2007 Interfor announced it had reached agreement-in-principle to acquire the Kamloops Sawmill and related timber tenures. The agreement was subject to the completion of negotiations and the signing of a definitive agreement.

"We have been working with Weyerhaeuser over the last twelve weeks to address outstanding issues, some of which are still not fully resolved," said Duncan Davies, Interfor's President and CEO. "In the meantime, the business environment has deteriorated significantly. Taken together, we felt the best course of action was to terminate discussions and allow Weyerhaeuser to pursue other alternatives."

Interfor's exclusivity arrangement with Weyerhaeuser expired in early October.

"We are disappointed with this result," said Davies. "We were excited about the business opportunity at Kamloops and still feel that creating a larger operating platform in the Southern Interior could be an attractive investment for Interfor and our shareholders. We will continue to pursue opportunities there as well as the Pacific Northwest and other regions that meet our investment criteria."

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
    Duncan Davies
    President and Chief Executive Officer
    (604) 689-6800
    International Forest Products Limited
    John Horning
    Senior Vice President and Chief Financial Officer
    (604) 689-6829
    International Forest Products Limited - Media Contact
    Ric Slaco
    VP Chief Forester
    (604) 689-6843