Tembec Sells Idled Paper Mill in Louisiana
April 15, 2009 - Tembec Inc. today said that its subsidiary, Tembec USA LLC, has sold its idled coated paper mill located in St. Francisville, Louisiana to West Feliciana Acquisition, LLC.
The mill was indefinitely idled in July, 2007.
Neither party disclosed future plans for the mill.
Sale proceeds will total US $16 million, made up of US $6 million cash received at closing and US $10 million of interest bearing notes, Tembec said.
As a result of the sale, Tembec Inc. will record a gain of approximately C $16 million in its June 2009 quarterly consolidated financial statements.
SOURCE: Tembec Inc.