West Fraser to buy gilman Companies operations
Vancouver, BC-based West Fraser Timber Co. Ltd. said in July it has agreed to buy the operations of the Gilman Companies from the Howard Gilman Foundation and other shareholders for about $US430 million, subject to certain adjustments.
The Gilman Companies comprise six sawmills and a finger-joint mill in Florida and Georgia as well as an administrative office in St. Marys, GA. Closing is expected in 3Q17.
With about 900 staff, the operations have a combined annual production capacity of 700 Mbf of southern yellow pine (SYP) lumber. West Fraser says the acquisition is an important step in its continuing expansion of its US lumber operations.
After the transaction, West Fraser will have combined Canadian and US lumber production capacity of 7.2 Bbf, 57% being Canadian spruce/pine/fir (SPF) lumber and 43% being US SYP lumber.
West Fraser produces lumber, LVL, MDF, plywood, pulp, newsprint, wood chips and energy at facilities in western Canada and the southern US. The Howard Gilman Foundation is a notfor- profit organization that supports performing arts organizations in New York City.