International Forest Products Limited

International Forest Products Limited

December 19, 2006 19:20 ET

International Forest Products Limited: Helifor Industries Limited Closes the Sale of its Heli-Logging Business Assets to Helifor Canada Corp.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 19, 2006) - International Forest Products Limited ("Interfor") (TSX:IFP.SV.A) announced today that its' wholly owned subsidiary Helifor Industries Limited has completed the sale of its heli-logging business assets to Helifor Canada Corp. for $4,500,000, plus working capital and future consideration. The parties made certain revisions to the original agreement to allow the sale to proceed. As a result, Helifor Industries Limited will now provide aviation services to Helifor Canada Corp.

This sale is consistent with Interfor's strategy of focusing on its core operations and brings to an end the long history of Interfor's company owned coastal logging operations. Going forward, all of Interfor's tenures will be harvested by independent contractors, who are well suited to bring further efficiencies to Interfor's business.

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 manufacturing and specialty products facilities in B.C. and Washington.

Contact Information

  • International Forest Products Limited
    John A. Horning
    Senior Vice President and CFO
    (604) 689-6829