EACOM Timber Corporation wants to expand its Ontario sawmill holdings by acquiring two idled former Buchanan Forest Products mills in northwestern Ontario, currently under bankruptcy protection.
The Montreal-headquartered timber producer said it has entered into asset purchase agreements with PricewaterhouseCoopers, the court-appointed receiver of Northern Sawmills in Thunder Bay and Atikokan Forest Products.
In a May 2 release, the company said the successful acquisitions are dependent on a number of conditions, including securing a wood allocation for the Atikokan mill.
EACOM president and CEO Rick Doman said his company is continually looking for ways to grow their presence in Ontario with an eye on value-added opportunities.
“If acquired, the Atikokan assets provide the company with an opportunity to expand its random length lumber business in Ontario. The Northern assets may be used to increase productivity and lower costs in our Ontario and Quebec sawmills.”
EACOM owns seven sawmillls in Eastern Canada, including Northern Ontario mills in Timmins, Nairn Centre, Gogama, Ear Falls and has an equity interest in an Elk Lake plant.
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