Canfor Corporation announced today the sale of its Taylor, BC pulp mill to its subsidiary company, Canfor Pulp Products Incorporated (CFX.TO). This transaction will impact the management reporting structure of Taylor Pulp within Canfor Corporation but is not anticipated to have any operational impacts. The agreement includes a purchase price of approximately $15 million including working capital, along with additional consideration to be paid by Canfor Pulp over a three year period contingent on the financial results of Taylor Pulp over that time.
"This transaction serves to align all of our pulp and paper operations under the expertise of our Canfor Pulp leadership team," said Canfor Corporation President and CEO Don Kayne . "Our excellent employees at Taylor Pulp will continue to make high-quality products for our customers around the globe, and this agreement will simplify the management of our operating divisions."
Taylor Pulp employs 106 people and has an annual production capacity of 220,000 tonnes of bleached chemi-thermo-mechanical pulp.
Source : http://finance.yahoo.com/