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West Fraser Timber (NYSE:WFG) said Friday it agreed to sell two pulp mills in western Canada to Atlas Holdings for US$120M in cash.
The two mills are West Fraser’s (WFG) Quesnel River Pulp mill in British Columbia and Slave Lake Pulp mill in Alberta, which will be operated by Atlas’ Millar Western Forest Products.
The deal also includes related woodlands operations and timber holdings in Alberta and a long-term fiber supply agreement for the Quesnel River pulp mill.
The transaction will allow West Fraser (WFG) to “focus our resources on our objective to be the premier wood building products company in North America,” President and CEO Ray Ferris said.
