Western Forest Products Declares Historic Deal with the First Nations

SEATTLE (Scrap Monster): Western Forest Products, Inc. has reached an agreement with Huumiis Ventures Limited Partnership to sell a majority ownership interest in TFL 44 Limited Partnership and an ownership interest in a newly formed limited partnership that will own the Alberni Pacific Division Sawmill.

The proposed deal for transaction of ownership interest is for a total consideration of $36.2 million. The agreement is based on the Reconciliation Protocol Agreement between Huu-ay-aht and Western and the TFL 44 LP transaction in March last year. The transaction is expected to close in the second quarter of the current year.

The agreement calls for huge economic opportunities for increased participation of the other 13 area First Nations, strictly in adherence to the B.C. declaration on the Rights of Indigenous Peoples Act.

Don Demens, President and CEO, WFP stated that the agreement is a testimony of how collaboration between First Nations and the private sector can contribute to reconciliation. The company is committed to the long-term success of the partnership, which is expected to revitalize the forest sector in the region, he added.

Meantime, Robert J. Dennis Sr., Chief Councillor, Huu-ay-aht noted that the historic announcement is basically about reconciliation and forestry revitalization.

ALSO READ:

WFP and USW Reach Tentative Agreement to End Prolonged Strike

WFP Declares Temporary Curtailment at Lady Smith, B.C. Sawmill