The corporate logo for Canfor Corp. is shown in this undated handout photo. THE CANADIAN PRESS/Canfor Corp.

Canfor to buy 70 per cent stake in Swedish Vida Group for $580 million

The privately held company has nine sawmills in southern Sweden with an annual production capacity of 1.1 billion board feet.

Canfor Corp. has signed a deal to buy a 70 per cent stake in Swedish sawmill company Vida Group for about $580 million.

Under the agreement, the current owners of Vida will retain a 30 per cent interest and continue to manage the day-to-day business.

The privately held company has nine sawmills in southern Sweden with an annual production capacity of 1.1 billion board feet.

Vida also has nine value-added facilities that include premium packaging, modular housing, industrial products and energy.

Canfor says it expects to be able to finance the acquisition with cash and liquidity on hand, but will complete an extension and expansion of its existing operating and term loan facilities.

The deal is expected to close in the first quarter of next year.

Related: President of Canfor departs amid leadership changes

Related: United Steelworkers in B.C. Interior return strike vote

Companies in this story: (TSX:CFP)

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Shots fired during Sylvan Lake and area crime spree

Sylvan Lake RCMP worked with other agencies to arrest four over the long weekend

Sylvan Lake McDonald’s raises more than $5,000 during McHappy Day

Year to date, the Sylvan Lake location has raised over $13,000 through fundraising efforts

Red Deer County firefighters dispatched to High Level

Four crew members and a fire engine are assisting in battling the out of control wild fire

Sylvan Lake family ‘humbled’ by support as son undergoes cancer treatment

Zane Baker was diagnosed with a brain tumour in 2017 and will now travel to Florida for treatment

Sylvan Lake increases Municipal Enforcement activity along lakefront

With more activity in the downtown and lakefront area, officers will be more visible during summer

VIDEO: Canadian breaks women’s world record for longest plank

Dana Glowacka, of Montreal, held a plank for four hours and 20 minutes

New poll suggests one-third don’t want politicians to wear religious symbols

Local politicians shouldn’t be allowed to wear hijabs, crucifixes or turbans on the job, survey suggests

Raptors fans far from home adjust plans to watch pivotal playoff game

Raptors currently lead the playoff series 3-2, and a win Saturday would vault them into NBA finals

Alberta NDP cries foul as Speaker Cooper names new legislature clerk

Shannon Dean will replace Merwan Saher as the clerk of the assembly effective immediately

‘Her life mattered:’ New trial ordered in death of Indigenous woman Cindy Gladue

In a 4-3 decision, Supreme Court said evidence about Cindy Gladue’s sexual history was mishandled

Emergency funds for High Level evacuees to start flowing by Monday

About 5,000 people in High Level and surrounding communities have been out of their homes for a week

Five takeaways from the Court of Appeal ruling on B.C.’s pipeline law

It’s unclear how many tools are left in B.C.’s toolbox to fight the project

No-vote option: Alberta legislature changing rules to allow MLAs to abstain

The changes are expected to pass, given that Kenney’s party has a majority of seats

Scheer says it would take Conservatives five years to balance budget

Scheeraccused the Liberal government of spending $79.5 billion of previously unbudgeted funds

Most Read