Canfor Completes Acquisition of Millar Western Assets

Canfor Corporation is announcing that it has completed the purchase of Millar Western Forest Products Ltd.’s solid wood operations further to the Company’s news release dated December 16, 2021.

“We are very excited to welcome the employees at the Whitecourt, Fox Creek and Spruceland facilities to the Canfor team,” said Don Kayne, President and CEO, Canfor. “The additional manufacturing capacity in Alberta positions Canfor well to meet the growing demand of our customers for high-quality, sustainable wood products.”

About Canfor Corporation

Canfor (TSX:CFP) 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, Arkansas and Louisiana, as well as in Sweden with 70% interest in Vida Group. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp ProductsInc., which is one of the largest global 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. For more information visit canfor.com.

Contact:

Pat Elliott – CFO and SVP, Sustainability – Patrick.Elliot@canfor.com – (604) 661-5441

Dan Barwin – Director, Corporate Finance – Daniel.Barwin@canfor.com – (604) 661-5390

Source: Canfor Corporation