Interfor Completes Acquisition of Rayonier's Wood Products Business
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/04/13 --
INTERNATIONAL FOREST PRODUCTS LIMITED ("Interfor" or the "Company")
(TSX:IFP.A) announced today that it had completed the acquisition of
Rayonier's Wood Products Business in the U.S. South, as scheduled on
The acquisition includes three sawmills located in central Georgia
with a combined annual capacity of 360 million board feet.
"The acquisition of Rayonier's Wood Products Business is a
significant strategic move for Interfor," said Duncan Davies,
Interfor's President & CEO. "In addition to providing a footprint in
the U.S. South the acquisition increases Interfor's annual production
capacity to more than 2 million board feet and broadens our product
base to include Southern Yellow Pine."
The transaction is expected to be accretive to both earnings and free
cash flow from the outset.
"I would like to thank the people involved from both Rayonier and
Interfor who worked so hard to complete this transaction in such a
short period of time," said Davies. "We are looking forward to
working with Rayonier to build mutual value as we move ahead."
UBS Securities acted as sole financial advisor to Interfor for this
This release contains information and statements that are
forward-looking in nature, including, but not limited to, statements
containing the words "will" and "is expected" and similar
expressions. Such statements involve known and unknown risks and
uncertainties that may cause Interfor's actual results to be
materially different from those expressed or implied by those
forward-looking statements. Such risks and uncertainties include,
among others: general economic and business conditions, product
selling prices, raw material and operating costs, changes in
foreign-currency exchange rates, and other factors referenced herein
and in Interfor's Annual Report and Management Information Circular
available on www.sedar.com. The forward-looking information and
statements contained in this report are based on Interfor's current
expectations and beliefs. Readers are cautioned not to place undue
reliance on forward-looking information or statements. Interfor
undertakes no obligation to update such forward-looking information
or statements, except where required by law.
Interfor is a leading global supplier one of the most diverse lines
of lumber products in the world. The Company's operations include 12
sawmills in British Columbia, Georgia, Oregon and Washington. For
more information about Interfor, visit our website at
International Forest Products Limited
John A. Horning
Senior Vice President & Chief Financial Officer
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