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Weyerhaeuser has agreed to sell its Kamloops, British Columbia-based sawmill to International Forest Products (Interfor). The deal, terms of which were not disclosed, includes timber harvesting rights.
"This decision was taken after a thorough review of our strategic goals," said Craig Neeser, president of Weyerhaeuser. "Today's announcement reflects decades of solid work and attention to safety on the part of our employees that made this an attractive operation.”
The agreement still is subject to approval by Weyerhaeuser's board of directors and required regulatory approvals. The transaction is expected to occur by the fourth quarter of 2007, the company said.
In British Columbia, Weyerhaeuser will continue to retain sawmills in Princeton and Okanagan Falls, timber harvesting operations in addition, a hardwood sawmill and an engineered wood plant in the Lower Mainland area.
Weyerhaeuser, based in Federal Way, Wash., is one of the world's largest forest products companies, with 2006 sales of $21.9 billion.