INTERNATIONAL FOREST PRODUCTS LIMITED ("Interfor" or the "Company") (TSX:IFP.A) announced today that it had completed the acquisition of Rayonier''s Wood Products Business in the U.S. South, as scheduled on March 1st.
The acquisition includes three sawmills located in central Georgia with a combined annual capacity of 360 million board feet.
"The acquisition of Rayonier''s Wood Products Business is a significant strategic move for Interfor," said Duncan Davies, Interfor''s President & CEO. "In addition to providing a footprint in the U.S. South the acquisition increases Interfor''s annual production capacity to more than 2 billion board feet and broadens our product base to include Southern Yellow Pine."
The transaction is expected to be accretive to both earnings and free cash flow from the outset.
"I would like to thank the people involved from both Rayonier and Interfor who worked so hard to complete this transaction in such a short period of time," said Davies. "We are looking forward to working with Rayonier to build mutual value as we move ahead."