Friday, August 2, 2024
Canfor Corporation (TSX: CFP) is pleased to announce the successful acquisition of the lumber manufacturing facility in Union County, Arkansas, from Arkansas Resolute El Dorado Inc. This strategic transaction, initially announced on May 1, 2024, complements Canfor’s existing regional operations, including the adjacent El Dorado Laminating Plant and the nearby Urbana sawmill.
Renamed as the Iron Mountain sawmill, this acquisition is set to create operational synergies with Canfor’s existing facilities, provide vertical integration opportunities with its two glulam plants, and build further capacity to serve customers and markets in the US South.
Lee Goodloe, President of Canfor Southern Pine, highlighted the strategic importance of the acquisition:
“The acquisition, together with the intended investment and expansion in the mill, is a strategic opportunity for us. As a growth-oriented forest products company, we see this as an opportunity to expand the depth and breadth of our manufacturing capabilities in Arkansas’ rich, high-quality wood basket and to provide our customers with a more comprehensive product offering.”
Goodloe also extended a warm welcome to the new employees of Iron Mountain:
“We warmly welcome our new Iron Mountain employees to Canfor. We also look forward to growing our local engagement and strengthening our relationships with the El Dorado community and all of Iron Mountain’s valued partners, suppliers, and customers.”
The integration of the Iron Mountain sawmill is expected to enhance Canfor’s operational efficiency and expand its product offerings, reinforcing its commitment to growth and community engagement in the region.
Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. The Company has a 70% stake in Vida AB, Sweden’s largest privately owned sawmill company and also owns a 54.8% interest in Canfor Pulp Products Inc. Cantor shares are traded on The Toronto Stock Exchange under the symbol CFP.
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