Canfor Concluded Acquisition of Elliott Sawmilling Company Inc.

SEATTLE (Scrap Monster): Canfor Corporation announced that it has completed the acquisition of Elliott Sawmilling Co. Inc. located in Estill, South Carolina on 31^st May, 2020. It must be noted that the two parties had signed the $110 million acquisition deal in November 2018.

As per the acquisition deal, the completion of the deal will take place in two phases. At closing 49% will be acquired, whereas the acquisition of the remaining 51% will take place one year later.

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The acquisition adds over 210 million board feet of production capacity to Canfor’s total capacity, thereby enabling the company to provide enhanced customer services. The acquired high tech southern yellow pine mill comprises of both large and small log lines, providing nearly 180 well-paid jobs in the region.

The completion of the Elliott Sawmilling Company comes within a month after its decision to close its Isle Pierre sawmill in Prince George, British Columbia due to insufficient supply of economically viable timber and fall in demand on account of major global economic slowdown.

Don Kayne, President and Chief Executive Officer, Canfor noted that Elliot’s portfolio of high quality products aligns well with the company’s product mix.