Interfor Announced Acquisition of Minority Interest in GreenFirst Forest Products

SEATTLE (Scrap Monster): Interfor Corporation announced that its wholly owned subsidiary, Interfor East Ltd., has acquired minority stake in GreenFirst Forest Products Inc. from Rayonier A.M. Canada G.P.

According to company press release, it acquired a total of 28,684,433 common shares, representing approximately 16.2% of GreenFirst’s issued and outstanding common shares. The acquisition represents a total cash consideration of approximately y C$56 million, or C$1.94 per share. It is complementary to the company’s recent acquisition of EACOM Timber Corporation in February this year.

It must be noted that, prior to this transaction, Interfor did not own or have control or direction over any common shares or other securities of GreenFirst.

The press release noted that Interfor may take necessary actions with respect to its actions with respect to its investment in GreenFirst, based on any factors that it may deem relevant. These include acquiring or disposing of securities of GreenFirst or developing plans or intentions or taking actions that involves securities of GreenFirst, it said.

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Toronto, Ontario-headquartered GreenFirst Forest Products operates seven sawmills and one paper mill in Eastern Canada. These sawmills have a stated annual production capacity of 905,000 million board feet. They are considered as a strong geographical fit with Interfor’s existing platform of seven sawmills in Ontario and Quebec.