TSX: WEF
VANCOUVER, BC, March 14, 2021 /PRNewswire/ - Western Forest
Products Inc. (TSX: WEF) ("Western" or the "Company") announced
today that it has completed the sale of certain non-core assets for
$36 million. The sale includes
certain properties, and their underlying rights, related to the
Orca Quarry located near Port McNeill,
British Columbia. The Company intends to use the proceeds
from the sale to repay debt and to support its long-term strategic
initiatives.
About Western Forest Products Inc.
Western is an integrated forest products company building a
margin-focused log and lumber business to compete successfully in
global softwood markets. With operations and employees located
primarily on the coast of British
Columbia and Washington
State, Western is a premier supplier of high-value,
specialty forest products to worldwide markets. Western has a
lumber capacity in excess of 1.1 billion board feet from eight
sawmills and four remanufacturing facilities. The Company sources
timber from its private lands, long-term licenses, First Nations
arrangements, and market purchases. Western supplements its
production through a wholesale program providing customers with a
comprehensive range of specialty products.
Forward-looking Statements
This press release contains statements that may constitute
forward-looking statements under the applicable securities laws.
Readers are cautioned against placing undue reliance on
forward-looking statements. All statements herein, other than
statements of historical fact, may be forward-looking statements
and can be identified by the use of words such as "intend" and
similar references to future periods. Forward-looking statements in
this press release include, but are not limited to, statements
relating to the use of proceeds from the sale of the lands.
Although such statements reflect management's current reasonable
beliefs, expectations and assumptions, there can be no assurance
that forward-looking statements are accurate, and actual results or
performance may materially vary. Many factors could cause our
actual results or performance to be materially different, including
a change in the Company's financial situation and other factors
referenced under the "Risks and Uncertainties" section of our
MD&A in our 2020 Annual Report dated February 18, 2021.
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SOURCE Western Forest Products Inc.