Western Forest Products Inc.
TSX : WEF

Western Forest Products Inc.

February 09, 2011 14:20 ET

Western Announces Sale of Non-Core Assets to TimberWest

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2011) - Western Forest Products Inc. (TSX:WEF) ("Western" or the "Company") today announced that it has signed an agreement for the sale of certain non-core properties to TimberWest Forest Corp. for the purchase price of approximately $21.9 million. Closing is subject to customary conditions. The sale includes properties located in the southern portion of Vancouver Island, near Jordan River. These properties, which encompass approximately 7,678 hectares, are situated in the land districts of Renfrew and Malahat. The net proceeds from the sale will be used to pay down the Company's debt in accordance with its lending agreements.

Western Forest Products
Western is an integrated Canadian forest products company and the largest coastal British Columbia woodland operator and lumber producer with an annual available harvest of approximately 7.4 million cubic metres of timber of which approximately 7.1 million cubic metres is from Crown lands and lumber capacity in excess of 1.5 billion board feet from eight sawmills and four remanufacturing plants. Principal activities conducted by the Company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips and value-added remanufacturing. Substantially all of Western's operations, employees and corporate facilities are located in the coastal region of British Columbia while its products are sold in over 25 countries worldwide.

Contact Information

  • Western Forest Products Inc.
    Dominic Gammiero
    Chairman and CEO
    (250) 715-2207
    or
    Western Forest Products Inc.
    Brian Cairo
    CFO and Corporate Secretary
    (250) 715-2258