West Fraser Timber Co Ltd has entered into an agreement to acquire Spray Lake Sawmills (SLS), subject to certain post-closing adjustments.
The transaction is expected to close later this year, following the completion of regulatory reviews in Canada and the satisfaction of customary conditions.
West Fraser officials say the $140 million acquisition will allow the company to expand its presence in southern Alberta and expand its Canadian treated lumber business while maintaining access to a high-quality lumber supply.
“We are pleased to welcome Spray Lake Sawmills to the West Fraser family,” said Ray Ferris, West Fraser President and CEO, in a new press release. “Spray Lake Sawmills has an experienced, dedicated group of employees dedicated to continuing the legacy of this proud mill. With its solid safety performance and focus on sustainability and community, the facility is an ideal fit for West Fraser.”
Spray Lake Sawmills produces treated wood products, dimensional lumber and a variety of innovative wood scraps and byproducts. The Company has an annual lumber capacity of 155 million plank feet and has two Alberta Government granted forest management agreements with a total allowable felling of approximately 500,000 m3 per year.
Since the sawmill was established here in 1969, the company has been a major employer and generous supporter of the Cochrane region.
The company was founded in 1943 as “Mjolsness Brothers” in Sundre, AB by Chester Mjolsness. His brother Lloyd became his partner in 1946. The company changed its name to Spray Lake Sawmills in 1954 when it began operations in the Spray Lakes area south of Canmore.
In 1980 the The second generation of the Mjolsness family purchased the company and Barry Mjolsness became the new president and CEO.
In 2010, Barry Mjolsness became only the second person to receive the Order of Cochrane for his work supporting the community.
West Fraser is a diversified wood products company with more than 60 facilities in Canada, the United States, the United Kingdom and Europe.
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