VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/04/13 -- A Correction From Source has been issued for the press release disseminated earlier today at 7:45 AM ET. The annual production capacity was incorrectly listed as 2 million board feet. The correct number is 2 billion. The complete and corrected press release follows:
INTERNATIONAL FOREST PRODUCTS LIMITED ("Interfor" or the "Company") (TSX: IFP.A) announced today that it had completed the acquisition of Rayonier's Wood Products Business in the U.S. South, as scheduled on March 1st.
The acquisition includes three sawmills located in central Georgia with a combined annual capacity of 360 million board feet.
"The acquisition of Rayonier's Wood Products Business is a significant strategic move for Interfor," said Duncan Davies, Interfor's President & CEO. "In addition to providing a footprint in the U.S. South the acquisition increases Interfor's annual production capacity to more than 2 billion board feet and broadens our product base to include Southern Yellow Pine."
The transaction is expected to be accretive to both earnings and free cash flow from the outset.
"I would like to thank the people involved from both Rayonier and Interfor who worked so hard to complete this transaction in such a short period of time," said Davies. "We are looking forward to working with Rayonier to build mutual value as we move ahead."
UBS Securities acted as sole financial advisor to Interfor for this acquisition.
This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "will" and "is expected" and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor's actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among others: general economic and business conditions, product selling prices, raw material and operating costs, changes in foreign-currency exchange rates, and other factors referenced herein and in Interfor's Annual Report and Management Information Circular available on www.sedar.com. The forward-looking information and statements contained in this report are based on Interfor's current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.
Interfor is a leading global supplier one of the most diverse lines of lumber products in the world. The Company's operations include 12 sawmills in British Columbia, Georgia, Oregon and Washington. For more information about Interfor, visit our website at www.interfor.com.
International Forest Products Limited
John A. Horning
Senior Vice President & Chief Financial Officer
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