Tembec Completes Land Sale in British Columbia

Tembec, Montreal, Que., Canada, completed the sale of approximately 17,700 hectares of land within the Regional District of East Kootenay, B.C., Canada, to Jemi Fibre Corp. Total consideration for the transaction was $15 million. The transaction is the first part of a two-phase sale. The second phase of the sale, expected to occur this September, relates to the sale to Jemi of approximately 31,800 hectares for a price of $20 million. This second phase remains subject to Jemi obtaining adequate financing. 
 
The transaction is part of Tembec’s BC Land Sale Initiative. The company has set an objective of realizing up to $70 million in land sales by this December. To date, the company has realized a total of $38.6 million. 
 
Tembec is a producer of pulp, paper, specialty cellulose, and lumber. Its principal operations are in Canada and France. The company has some 3,500 employees and annual sales of approximately $1.6 billion. 

TAPPI
http://www.tappi.org/