West Fraser to acquire Manning Diversified and expand Alberta presence
October 14, 2015 - West Fraser announced today that it has entered into an agreement to acquire Manning Diversified Forest Products Ltd. (Manning Diversified), which has sawmill operations located in Manning, Alta. and related timber harvesting rights. The acquisition is scheduled to be completed before the end of October 2015.
The sawmill has operated at the site since 1993 and has been producing approximately 100 million board feet of lumber annually. West Fraser plans to adjust current operations and expand annual production capacity to approximately 130 million board feet. The timber rights acquired have a current operational annual allowable harvest of approximately 440,000 m3 of coniferous timber. West Fraser expects to provide additional information concerning the acquisition as part of its announcement of its third quarter results which is currently scheduled for Oct. 26, 2015.
"We are pleased to welcome Manning Diversified and its 120 employees to the West Fraser family of mills in Alberta," said West Fraser's president and CEO Ted Seraphim.
West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips and energy with facilities in western Canada and the southern United States.
This news release contains certain forward-looking statements about potential future developments, in particular those relating to the proposed acquisition of Manning Diversified, plans to expand annual production and the expectation of providing additional information about the acquisition. These are presented to provide reasonable guidance to the reader. Their accuracy and the actual outcomes or results of such developments or events will depend on and are subject to a number of assumptions, risks and uncertainties and other factors that could affect the ability of West Fraser to achieve such outcomes or results or execute its business plans, including those matters described in West Fraser's 2014 Annual Management's Discussion and Analysis under "Risks and Uncertainties" and may differ materially from those anticipated or projected. Accordingly, readers should exercise caution in relying upon forward-looking statements and West Fraser undertakes no obligation to publicly revise them to reflect subsequent events or circumstances except as required by applicable securities laws.
West Fraser shares trade on the Toronto Stock Exchange under the symbol: "WFT".
October 15, 2015 By Marketwired
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