Pope & Talbot has announced an agreement to sell three sawmills and related timber tenures to International Forest Products Limited (Interfor) for about $69 million plus the value of certain current assets and liabilities assumed.

The three mills, located in Castlegar, B.C.; Grand Forks, B.C.; and Spearfish, S.D., produce high-quality softwood lumber products.

The transaction is subject to approvals by the U.S. Bankruptcy Court and the Canadian Court. In addition, the agreement allows for competing bids to be considered before the sale is finalized.

Based in Portland, Ore., Pope & Talbot produces market pulp and softwood lumber at mills in the United States and Canada.