Tembec to Sell 1,875 Hectares of Land in East Kootenay, British Columbia
Sept. 30, 2013 - Tembec today announced that it has reached an agreement to sell approximately 1,875 hectares of land located within the Regional District of East Kootenay, British Columbia (BC), to Jemi Holdings Ltd. for a price of $4.2 million.
Tembec expects to close the deal on or about November 1.
The company owns approximately 64,500 hectares of land in the East Kootenay region and is currently pursuing the sale of several parcels of land and has set an objective of realizing up to $75 million in land sales, including the previously noted transaction, by December 2014.
Tembec said that it will provide regular updates on the BC Land Sale Initiative as it progresses, but noted that "there can be no assurance that it will attain the stated objective or that it will do so within the specified time period."
Tembec is a manufacturer of forest products — lumber, pulp, paper and specialty cellulose — and a global leader in sustainable forest management practices. Principal operations are in Canada and France. Tembec has some 3,400 employees and annual sales of approximately $1.6 billion. For further information, visit: www.tembec.com.