BRIEF: Rayonier sells wood products division to Canadian firm
Jan 22, 2013 (Menafn - The Florida Times-Union - McClatchy-Tribune Information Services via COMTEX) --Rayonier has agreed to sell its wood products division and three Georgia lumber mills to a Canadian company.
International Forest Products Limited (Interfor), whose headquarters are in Vancouver, B.C., will buy the division for 80 million. It includes lumber mills in Baxley, Swainsboro and Eatonton, Ga., with a total of 260 employees.
Ed Frazier, senior vice president of Rayonier, said that Interfor has agreed to keep all employees.
The three mills produce about 10 million in revenue, Frazier said. The sale does not include Rayonier's four plants that produce wood chips.
Interfor also has operations in Oregon and Washington, but this will be its first move into the Southeastern United States. It reported 758 million in sales with a loss of 13 million in 2011.
Rayonier expects at after-tax gain of about 40 million from the sale.
Roger Bull: (904) 359-4296
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