VANCOUVER, Feb. 28, 2019 /PRNewswire/ -- Canfor Corporation
(TSX: CFP), further to the Company's news release dated
November 15, 2018, announces that it
has completed the purchase of 70% of the Vida Group ("VIDA") of
Sweden for a purchase price of
3,990 million Swedish Krona (approximately CAD$580 million).
"We are excited to welcome the VIDA team to Canfor and we are
looking forward to working with VIDA to develop our business on a
global scale," said Don Kayne,
President and Chief Executive Officer of Canfor. "We respect VIDA's
team, the quality of the wood products they produce, their strong
customer relationships, and most importantly the value of the VIDA
brand worldwide."
Forward Looking Statements
Certain statements in this press release constitute
"forward-looking statements" which involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any future results, performance or
achievements expressed or implied by such statements. Words such as
"expects", "anticipates", "projects", "intends", "plans", "will",
"believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to
identify such forward-looking statements. These statements are
based on management's current expectations and beliefs and actual
events or results may differ materially. There are many factors
that could cause such actual events or results expressed or implied
by such forward-looking statements to differ materially from any
future results expressed or implied by such statements. In
addition, assumptions on which such forward-looking statements are
based include the timely receipt of regulatory approvals and no
adverse regulatory decisions, the timely and successful integration
of the Company and VIDA AB and the accuracy and completeness of the
information provided to the Company in respect of VIDA AB. There
can be no assurance that the proposed transaction will occur or
that the anticipated strategic benefits and synergies will be
realized in their entirety, in part or at all. Forward-looking
statements are based on current expectations and Canfor assumes no
obligation to update such information to reflect later events or
developments, except as required by law.
Canfor is a leading integrated forest products company based
in Vancouver, British Columbia
("BC") with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas. Canfor
produces primarily softwood lumber and also owns a 54.8% interest
in Canfor Pulp Products Inc., which is one of the largest producers
of market northern bleached softwood kraft pulp and a leading
producer of high performance kraft paper. Canfor shares are
traded on the Toronto Stock Exchange under the symbol CFP.
Media Contact: Michelle Ward,
Director, Corporate Communications, 1 (604) 661-5225,
communications@canfor.com; Investor Contact: Pat Elliott, Vice
President, Corporate Finance and Strategy, 1 (604) 661-5441,
Patrick.Elliott@canfor.com