Canfor Closes VIDA Group of Sweden Acquisition
Canfor Corporation (“Canfor”), further to the Company’s news release dated November 15, 2018, announces that it has completed the purchase of 70% of the Vida Group (“VIDA”) of Sweden for a purchase price of 3,990 million Swedish Krona (approximately CAD$580 million).
“We are excited to welcome the VIDA team to Canfor and we are looking forward to working with VIDA to develop our business on a global scale,” said Don Kayne, President and Chief Executive Officer of Canfor. “We respect VIDA’s team, the quality of the wood products they produce, their strong customer relationships, and most importantly the value of the VIDA brand worldwide.”
About Canfor Corporation
Canfor is a leading integrated forest products company based in Vancouver, British Columbia (“BC”) with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP.
Pat Elliott – Vice President Corporate Finance & Strategy – Patrick.Elliott@canfor.com – (604) 661-5441
Michelle Ward – Director Corporate Communications – email@example.com – (604) 661-5225
Source: Canfor Corporation