Interfor Reports, Buys

Interfor Reports, Buys

International Forest Products, or Interfor, out of Vancouver, BC, Thursday reported net earnings of $11.4 million or $0.18 per share in 4Q 2013, compared to net losses of $0.1 million or $0.00 per share in 3Q and $3.8 million or $0.07 per share in 4Q 2012.
Also this week, Interfor agreed to purchase operations including two Georgia sawmills for US$180 million from Ilim Timber Continental SA to expand in the US Southeast.
Interfor said its annual capacity to produce lumber will increase by about 20 per cent with the purchase of Tolleson Ilim Lumber Co. Interfor will pay US$129.9 million in cash and retained liabilities, plus 3.68 million shares for the Perry, GA-based business.
The company plans to evaluate international marketing initiatives with Ilim Lumber, including serving as a sales agent in North America and cooperation in China, Japan and the Middle East.

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