VANCOUVER, Feb. 9 /PRNewswire-FirstCall/ - TimberWest Forest Corp. is pleased to announce that it has agreed to acquire 7,678 hectares (18,973 acres) of private timberland on southern Vancouver Island from Western Forest Products Inc. for $21.9 million. Closing is subject to customary conditions. This will bring TimberWest's total land holdings to 327,678 hectares (809,973 acres) on Vancouver Island.
"We are very pleased with the addition of this highly productive timberland adjacent our existing lands on southern Vancouver Island," said Paul McElligott, TimberWest President and CEO. "This acquisition complements our core business strategy of managing forests for long‐term sustainability and assuring a steady and continuing flow of high quality timber."
The premium species mix and age class distribution of this land makes it a great complement to the Company's managed forest lands on Vancouver Island. TimberWest will manage this land for its timberland value.
As the island's largest private forest land owner, TimberWest recognizes the importance of good land stewardship and is committed to managing this new acquisition to the same high standards of safety, environment, and sustainability it has achieved throughout its land base.
Stapled Units of TimberWest Forest Corp. are traded on the Toronto Stock Exchange under the symbol "TWF.UN"
TimberWest Forest Corp. is uniquely positioned as western Canada's largest private timber and land management company. The Company owns in fee simple approximately 319,000 hectares or 787,000 acres of private land and is in the business of selling timber products and real estate.
SOURCE TimberWest Forest Corp.