CanWel Completes Acquisition of Western Wood Treating
CanWel Building Materials Group Ltd. (“CanWel” or “the Company”) announced that its wholly owned subsidiary CanWel Building Materials Ltd. (together with its subsidiary, affiliate or nominee entities, “CanWel”) has acquired the lumber pressure treating plant and related equipment and business (the “Plant”) formerly owned by Western Wood Treating, Inc. (the “Acquisition”).
The Plant is located in Woodland, California and specializes in producing pressure treated wood products suitable for a variety of building project applications, and has been in business for more than 30 years. The Plant has high capacity cylinders capable of servicing all lumber types including, dimensional, timbers, fencing, and plywood. The purchase price for the Acquisition will be satisfied from the Company’s existing credit facilities and is expected to be accretive in 2019.
Amar Doman, Chairman and CEO of CanWel said, “‘We welcome our new employees at Woodland and thank Hank Feenstra for building such a strong business up over the years. We are very proud to have this great company in the CanWel family. The Plant is complementary to our existing California operations, and this Acquisition will allow us to grow our volumes on the West Coast and continue to execute our strategic plan effectively and rapidly.”
Founded in 1989, CanWel is headquartered in Vancouver, British Columbia and trades on the Toronto Stock Exchange under the symbols CWX and CWX.NT.A and is Canada’s only fully integrated national distributor in the building materials and related products sector. CanWel operates: multiple treating plant and planing facilities in Canada and the United States; distribution centres coast-to coast in all major cities and strategic locations across Canada; in the United States near Portland, Oregon (under construction), San Francisco and Los Angeles, California and in 14 locations in the State of Hawaii through its wholly owned Honsador Building Products Group. CanWel distributes a wide range of building materials, lumber, renovation and electrical products. In addition, through its CanWel Fibre division, CanWel operates a vertically integrated forest products company based in Western Canada, operating from British Columbia to Saskatchewan, also servicing the US Pacific Northwest. CanWel owns approximately 136,000 acres of private timberlands, strategic Crown licenses and tenures, log harvesting and trucking operations, several post and pole peeling facilities and two pressure-treated specialty wood production plants and a specialty saw mill.
Ali Mahdavi – Investor Relations – firstname.lastname@example.org – (416) 962-3300
Source: CanWel Building Materials Group Inc.