VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2013) - INTERNATIONAL FOREST PRODUCTS LIMITED (TSX:IFP.A) ("Interfor" or the "Company") announced today that it had reached agreement in principle to acquire the assets of Keadle Lumber Enterprises, Inc. of Thomaston, Georgia.
Keadle is a well-regarded producer of high quality southern yellow pine lumber and has been in business since 1947. The mill currently produces 80 million board feet on a one - shift basis. Interfor intends to increase the mill's kiln capacity and add a second shift to the operation, as market conditions improve, bringing production to an annual rate of 160 million board feet.
The Keadle mill is located approximately 75 miles west of Interfor's recently acquired mill at Eatonton, Georgia and is part of the Company's strategy to grow its presence in the U.S. Southeast.
The transaction will be financed from Interfor's existing lines of credit which were recently expanded and extended.
The transaction is subject to final documentation and Board approval and is expected to close prior to the end of the second quarter.
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 lumber supplier, with annual capacity of more than 2 billion board feet, and one of the most diverse lines of lumber products in the world. The Company has operations across North America and is headquartered in Vancouver, Canada. For more information about Interfor, visit our website at www.interfor.com.
Senior Vice President and Chief Financial Officer