Island Timberlands LP

May 30, 2005 17:58 ET

Island Timberlands Launched Following Close of Brascan Acquisition of Weyerhaeuser B.C. Coastal Timberlands Assets

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 30, 2005) - Reid Carter, Managing Partner, Brascan Timberland Investments, is pleased to announce the launch of Island Timberlands LP, following the closure of Brascan's acquisition of Weyerhaeuser's B.C. Coastal timberland assets. A newly created company focused on growing and harvesting high quality timber and other forest products from Coastal British Columbia, Island Timberlands is the second largest private timberlands holding in British Columbia, comprising 635,000 acres of high quality free-hold timberlands.

"I am pleased to announce that Darshan Sihota, has been appointed President of Island Timberlands. A timberlands veteran with over 25 years of experience in the Coastal Forest Industry, he will be leading a team of 285 employees in the management and growth of this exciting new company," commented Carter. "Darshan brings a breadth of experience to this company which includes operations management, silviculture, lumber marketing production planning, forest inventory and log distribution," added Carter. Darshan is a registered Professional Forester and holds a Masters Degree in Business Administration.

Island Timberlands is headquartered in Nanaimo, with timberland operations that span from Southern Vancouver Island to the Queen Charlotte Islands. With a broad Pacific Rim customer base that includes Canada, Asia and the U.S., its timberlands are recognized as one of the very best sources of high quality Douglas-fir, hemlock, cedar and cypress in the world.

"I am looking forward to working with the strong management and employee teams in place to continue to create value for our investors, deliver quality products for our customers and to contribute in a meaningful way to the communities in which we operate," concluded Darshan Sihota.

Island Timberlands LP is private equity partnership formed by Brascan Corporation (NYSE/TSX: BNN) with two leading Canadian institutional partners to own and manage private timberlands for commercial timber production. Brascan is a global asset manager focused on property, power and infrastructure assets. With $40 billion of assets owned and under management, the company owns 70 premier office properties and 130 power generating plants.

Contact Information

  • Island Timberlands
    Darshan Sihota
    President
    (604) 661-9141