Western Forest Products Inc.
TSX : WEF

Western Forest Products Inc.

February 06, 2015 18:47 ET

Western Forest Products Announces Completion of Sale of Former Pulp Mill Site

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 6, 2015) - Western Forest Products Inc. (TSX:WEF) ("Western" or the "Company") announces that it has completed the sale of its former pulp mill site to Woodfibre LNG Limited at a purchase price of $21.8 million. The sale, which was previously announced on January 28, 2013, includes 212 acres of industrial waterfront land located at the head of Howe Sound, southwest of Squamish, British Columbia, and all associated foreshore leases, water licenses and permits. The Company intends to use the proceeds of sale to pay down outstanding debt and to further its strategic capital plans.

About Western Forest Products Inc.

Western is an integrated Canadian forest products company, and is the largest coastal British Columbia woodland operator and lumber producer. The Company has an annual available harvest of approximately 6.4 million cubic metres of timber, of which approximately 6.2 million cubic metres is from Crown lands. Western has a lumber capacity in excess of 1.1 billion board feet from seven sawmills and two 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 more than 25 countries worldwide.

Forward-Looking Statements and Information

This press release contains statements which constitute forward-looking statements and forward-looking information within the meaning of applicable securities laws. Those statements and information appear in a number of places in this document and include statements and information regarding our current intent, belief or expectations primarily with respect to market and general economic conditions, future costs, expenditures, available harvest levels and our future operating performance, objectives and strategies. Such statements and information may be indicated by words such as "estimate", "expect", "anticipate", "plan", "intend", "believe", "should", "may" and similar words and phrases. Readers are cautioned that it would be unreasonable to rely on any such forward- looking statements and information as creating any legal rights, and that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include, among others: general economic conditions, competition and selling prices, changes in foreign currency exchange rates, labour disruptions, natural disasters, relations with First Nations groups, changes in laws, regulations or public policy, misjudgments in the course of preparing forward-looking statements or information, changes in opportunities and other factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2013 Annual Report dated February 20, 2014. All written and oral forward-looking statements or information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Except as required by law, Western does not expect to update forward-looking statements or information as conditions change.

Contact Information

  • Western Forest Products Inc.
    Amy Spencer
    Director of Communications and Government Relations
    604-317-4150