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Canfor acquires majority stake in Swedish Vida

16.11.2018 − 

Canadian Canfor Corp. intends to acquire a 70 % majority stake in the Swedish Vida group. The remaining 30% will remain with the current Vida owners. According to the agreement announced yesterday, the purchase price is SEK3.990bn, equivalent to approximately Can$580m, in cash and debt-free plus Can$125m in working capital. The closing is subject to customary closing conditions, including any necessary regulatory approvals, and is expected to occur during the first quarter of 2019. Operations will continue after the closing under Vida and will be led by the current management with Santhe Dahl as CEO and Måns Johansson as Deputy CEO.

Together with the acquisition of Elliott Sawmilling Co. announced by Canfor on Monday, Canfor currently operates 27 sawmills in Canada and the USA. Taking into account Elliott Sawmilling and Vida's sawmill activities, Canfor's worldwide lumber production will increase to 7.2bn bdft annually.

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