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11th Feb 2006, 21:09
Interfor Agrees to Sell Helicopter Logging Operation
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 10, 2006) - International Forest Products Limited ("Interfor" or "the Company") (TSX:IFP.SV.A) announced today that it had signed an agreement to sell its helicopter logging operations - which have been conducted by wholly-owned subsidiary, Helifor Industries Limited - to a Canadian company associated with Columbia Helicopters Inc. of Aurora, Oregon for $4 million plus additional amounts tied to future heli-logging services and for working capital. The transaction is subject to Ministry of Transport approval and is expected to close prior to the end of March 2006.
"This transaction is consistent with the strategy of focusing on our core manufacturing businesses," said Duncan Davies, Interfor's President and CEO. "We are delighted we have been able to make this arrangement with Columbia, with whom we have a long-established and successful relationship. On behalf of Interfor I would like to thank our Helifor employees for their dedication to making that operation the leader in the Canadian heli-logging industry, and say that we look forward to working with them and Columbia in the years ahead."
Interfor is one of the Pacific Northwest's largest producers of quality wood products. The Company has operations in British Columbia, Washington and Oregon including four sawmills in the Coastal region of British Columbia, one in the B.C. Interior, one in Washington and two in Oregon. In addition, Interfor operates value-added manufacturing and specialty products facilities in B.C. and Washington.
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 10, 2006) - International Forest Products Limited ("Interfor" or "the Company") (TSX:IFP.SV.A) announced today that it had signed an agreement to sell its helicopter logging operations - which have been conducted by wholly-owned subsidiary, Helifor Industries Limited - to a Canadian company associated with Columbia Helicopters Inc. of Aurora, Oregon for $4 million plus additional amounts tied to future heli-logging services and for working capital. The transaction is subject to Ministry of Transport approval and is expected to close prior to the end of March 2006.
"This transaction is consistent with the strategy of focusing on our core manufacturing businesses," said Duncan Davies, Interfor's President and CEO. "We are delighted we have been able to make this arrangement with Columbia, with whom we have a long-established and successful relationship. On behalf of Interfor I would like to thank our Helifor employees for their dedication to making that operation the leader in the Canadian heli-logging industry, and say that we look forward to working with them and Columbia in the years ahead."
Interfor is one of the Pacific Northwest's largest producers of quality wood products. The Company has operations in British Columbia, Washington and Oregon including four sawmills in the Coastal region of British Columbia, one in the B.C. Interior, one in Washington and two in Oregon. In addition, Interfor operates value-added manufacturing and specialty products facilities in B.C. and Washington.