VANCOUVER – Canfor Corp. (TSX:CFP) says it has an agreement to sell the Daaquam sawmill in Saint-Just-de-Bretenières, Que., in a deal worth $25 million.
The deal with Groupe Lebel Inc. and others is expected to close by the end of March, Canfor said in a release on Friday.
The Daaquam mill produced 120 million board feet of lumber in 2013.
CEO Don Kayne said the mill was being sold “because it was not core to our Western Canadian operations.”
Canfor said proceeds of sale of the Daaquam sawmill and working capital combined with the sale of other associated properties related to Daaquam to other third parties are expected to amount to about $25 million