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WhatWood Blog Woodworking Conifex sold Hampton Lumber sawmill for $39 million

Conifex sold Hampton Lumber sawmill for $39 million

3 July 2019 ` 23:21  

24 June 2019,  Conifex Timber Inc. signed an agreement with Hampton Lumber (the “Purchase Agreement”) to sell the Fort St.James sawmill and the corresponding forest license. The purchase price is about $39 million plus the market value of logs and finished lumber at the close of the deal.

Ken Shields, Chairman and CEO of Conifex, said: ” The rationalization of the timber industry is inevitable because too few sawnwood supplies are available to maintain the existing production base in the domestic region of British Columbia.”

Hampton Lumber operates nine sawmills in Oregon, Washington, and British Columbia, including two in Burns Lake area of British Columbia.

CEO of Hampton Lumber Steve Zika  commented that” despite the difficult economic situation in the forest industry in British Columbia, we believe the long-term Outlook for canadian lumber promising.”

The proceeds from the Conifex transaction will mainly be used to repay the debt and provide additional liquidity to Conifex to better optimize the performance of its other businesses.

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