West Fraser Announces Completion of U.S. South Lumber Mill Acquisition

Rhea-AI Summary

West Fraser Timber Co. Ltd. (WFG) has successfully completed the acquisition of Angelina Forest Products lumber mill in Lufkin, Texas, following the completion of U.S. regulatory review and satisfaction of closing conditions. This acquisition aligns with West Fraser's strategy to expand its market presence and enhance operational capabilities in the U.S. The company operates over 60 facilities worldwide, producing a range of wood products for various applications including construction and industrial uses.

Positive

• Acquisition of Angelina Forest Products enhances market presence in the U.S.
• Strengthens operational capabilities with additional lumber production capacity.

Negative

• Forward-looking statements include risks that actual results may vary materially.

VANCOUVER, BC, Dec. 1, 2021 /PRNewswire/ - West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (TSX and NYSE: WFG) announced today that further to its news release of October 12, 2021, the U.S. regulatory review has been completed and the other closing conditions have been satisfied.  As such, the Company is proceeding to close the acquisition of the Angelina Forest Products lumber mill located in Lufkin, Texas today.

The Company

West Fraser is a diversified wood products company with more than 60 facilities in Canada, the United States, the United Kingdom, and Europe.  From responsibly sourced and sustainably managed forest resources, the Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals and renewable energy.  West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials.

Forward-Looking Statements

This news release contains forward-looking information or forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws, including the timing to complete the acquisition of the Angelina Forest Products lumber mill.  Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends and current conditions.  Readers should also refer to the risk factors set forth in the Company's annual information form and management's discussion and analysis for the year ended December 31, 2020, each dated February 11, 2021, available at SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml).  There can be no assurance that the plans, intentions or expectations upon which forward-looking statements are based will be realized.  Actual results may differ, and the difference may be material and adverse to the Company and its shareholders.

View original content:https://www.prnewswire.com/news-releases/west-fraser-announces-completion-of-us-south-lumber-mill-acquisition-301434683.html

SOURCE West Fraser Timber Co. Ltd.

FAQ

What did West Fraser Timber announce on December 1, 2021?

West Fraser announced the completion of its acquisition of Angelina Forest Products lumber mill in Texas.

What is the significance of the Angelina Forest Products acquisition for WFG?

The acquisition is expected to enhance West Fraser's market presence and operational capabilities in lumber production.

What are the potential risks associated with West Fraser's forward-looking statements?

The risks include uncertainties that could result in actual outcomes differing materially from expectations.

How many facilities does West Fraser operate globally?

West Fraser operates over 60 facilities across Canada, the U.S., the UK, and Europe.