VANCOUVER, British Columbia, Sep 14, 2020 (GLOBE NEWSWIRE) – INTERFOR CORPORATION (Interfor or the Company) (TSX: IFP) announced today that it has entered into an agreement to sell its specialty sawmill located in Gilchrist, Oregon to Neiman Enterprises Inc. (Neiman).
The Gilchrist sawmill, which specializes in ponderosa pine and lodgepole pine boards, has been downsized since mid-June of this year due to economic factors related to COVID-19. Before its downsizing, the plant produced about 80 million board feet of lumber per year and employed about 150 people.
Neiman, based in Hulett, Wyoming, is a private, third-generation family business with pine sawmills in Wyoming and South Dakota and a sawmill in Colorado. Neiman intends to restart the plant in the near future and to rehire a substantial number of employees on leave. Neiman will also consider possible future capital investment opportunities for the facility.
After careful consideration of potential future options for the plant, we believe the sale to Neiman offers the best long-term outcome for our employees and the surrounding communities, said Andrew Horahan, vice president of Western operations at Interfors. I would like to thank all of the Operation Gilchrist employees for their understanding and patience over the past few months.
This transaction represents a significant milestone for the Neiman group of companies, said Jim Neiman, President and CEO of Neiman Enterprises Inc. We look forward to restarting the plant in the near term and working with employees and the community to ensure the long-term success of this historic operation.
The closing of the transaction is subject to customary conditions and is expected to close in the fourth quarter of 2020.
Interfor will continue to own and operate its three northwestern United States stud plants located in Molalla, Oregon, Longview, Washington and Port Angeles, Washington.
This press release contains forward-looking information on the Company’s expectations regarding the completion and timing of the sale of its Gilchrist sawmill; expectations regarding buyers’ plans for restarting the facility, hiring employees, and accounting for capital investments and other information that is not historical fact. A statement contains forward-looking information when the company uses what it knows and expects today to make a statement about the future. Statements containing forward-looking information may include words such as: will, could, should, believe, expect, anticipate, anticipate or intend. Readers are cautioned that actual results may differ from the forward-looking information contained in this press release and that such forward-looking information should not be relied on unduly. The risk factors that could cause actual results to differ materially from the forward-looking information contained in this press release are described in Interfors’ second quarter and annual MD&A under Risks and Uncertainties, available at www.interfor. com and under Interfors profile on www.sedar.com. Important factors and assumptions used in developing the forward-looking information contained in this press release include the volatility of the selling prices of lumber, logs and wood chips; the company’s ability to compete on a global basis; the availability and cost of log supply; natural or man-made disasters; exchange rate; changes in government regulations; the company’s ability to export its products; the environmental impacts of the company’s operations; work interruptions; security of information systems; and the existence of a public health crisis (such as the current COVID-19 pandemic). Unless otherwise indicated, forward-looking information in this press release is based on the company’s expectations as of the date of this press release. Interfor assumes no obligation to update this forward-looking information, except as required by law.
Interfor is a growth oriented lumber company with operations in Canada and the United States. The company has an annual production capacity of approximately 3.0 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information on Interfor, visit our website at www.interfor.com.
For more information:
Mike Mackay, Vice President of Corporate Development and Strategy
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