IP finalizes Weldwood sale to West Fraser
Pulp & Paper, Feb 2005
International Paper Co. (IP) said it finalized the sale of its Weldwood of Canada Ltd. subsidiary to West Fraser Timber Co. on Dec. 31, 2004, completing a C$1.23-billion deal that turns over 12 IP mills in Canada and about 3,000 employees to West Fraser.
West Fraser acquires 600,000 mtpy of NBSK pulp capacity at two mills, raising its total capacity to 1.15 million mtpy. West Fraser already produced and marketed about 550,000 mtpy of market pulp.
In all, the transaction includes eight wholly owned and four joint-venture mills in British Columbia and Alberta that produce market pulp, lumber, plywood, laminated veneer lumber, and treated wood products. To reflect the firm's new operations, West Fraser changed its name to West Fraser Mills Ltd. and said it had approximately 7,500 employees after the Weldwood acquisition.
West Fraser said it would divest 90% interests in two B.C. facilities, a sawmill at Burns Lake and a small sawmill and treating plant at Decker Lake and their related timber harvesting rights to meet Canada's Competition Commission requirements.
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