TimberWest to Acquire 18,973 Additional Acres on Vancouver Island
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TimberWest Forest Corp, Vancouver, B.C., USA, this past week agreed to acquire 7,678 hectares (18,973 acres) of private timberland on southern Vancouver Island, B.C., from Western Forest Products Inc. for $21.9 million. This will bring TimberWest's total land holdings to 327,678 hectares (809,973 acres) on Vancouver Island.
"We are very pleased with the addition of this highly productive timberland adjacent to our existing lands on southern Vancouver Island," said Paul McElligott, TimberWest president and CEO. "This acquisition complements our core business strategy of managing forests for long-term sustainability and assuring a steady and continuing flow of high quality timber."
The premium species mix and age class distribution of this land makes it a great complement to the company's managed forest lands on Vancouver Island. TimberWest will manage this land for its timberland value.
As the island's largest private forest land owner, TimberWest noted that it recognizes the importance of good land stewardship and is committed to managing this new acquisition to the same high standards of safety, environment, and sustainability it has achieved throughout its land base.
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