Canfor Corporation is to buy two privately-owned lumber harvesting firms to help expand its eastern US market.
The C$50m deal for Quebec-based Daaquam Lumber and Produits Forestiers Anticosti is expected to be completed on May 30, subject to regulatory approval.
Daaquam is currently building a lumber mill in Maine, which is one of the chief attractions for Canfor. The plant, due to start production next year, combined with Daaquam’s existing operations creates a capacity of about 300 million board feet a year – 10% of Canfor’s production.
