As the pandemic continues to challenge the market, Argus will discuss their forecast for 2022 on Tuesday, December 14th at 2 pm Eastern Time.

Vancouver, British Columbia, October 26, 2021/PRNewswire/-West Fraser Timber Co. Ltd. ("West Fraser" or "Company") (Toronto Stock Exchange and New York Stock Exchange symbol: WFG) announced today , Has reached an agreement to acquire the Oriented Strand Board ("OSB") plant in Pacific, Georgia, near Allendale, South Carolina, at a price of approximately US$280 million. The transaction is expected to be completed after the U.S. regulatory review is successfully completed and customary conditions are met. Management will provide updates and more details on the transaction during West Fraser's third quarter earnings conference call to be held on October 28, 2021. All U.S. dollar amounts in this press release are expressed in U.S. dollars.

The Allendale plant initially started producing oriented strand board in 2007 and has been idle since the end of 2019, with an estimated production capacity of approximately 760 million square feet (3/8 inches). The company intends to invest approximately US$70 million in additional funds to upgrade and optimize facilities in preparation for the restart. It is estimated that the upgrade will take approximately 9 months to complete. The plant is expected to directly employ approximately 135 employees and become one of the lowest cost plants in the company's OSB portfolio after the optimization is completed and the plant is fully operational. The process usually takes 18-24 months after restarting.

Record and strategic basis for factory restart

The Allendale acquisition provides another opportunity for West Fraser to create value by deploying the company's expertise in successfully reinvesting and restarting idle OSB plants. The most recently restarted West Fraser OSB plants include Chambord, Quebec in March 2021, Huguley, Alabama (2017), and Jefferson, Texas (2013). After modernization, the Allendale facility will enhance West Fraser's OSB product portfolio because it is located in an attractive location with abundant fiber and low cost in the southern United States. The additional OSB capacity of the plant will also enable West Fraser to flexibly and better meet customer needs, especially from the growing large end market in the Southeastern United States

"We look forward to acquiring and upgrading the Allendale plant to make it another part of West Fraser's low-cost production portfolio. In addition, the additional production capacity will provide our OSB plant portfolio with greater operational flexibility to meet the needs of our engineered wood Demand for products has grown, including our professional and value-added products," said Ray Ferris, President and CEO of West Fraser. "We have the leadership, personnel, and expertise to execute the capital and upgrade plan of this factory, and hope to be ready for the restart within nine months of the completion of the acquisition based on the current demand situation."

West Fraser intends to fund the acquisition with cash on hand. The total investment in the acquisition of Allendale is expected to be significantly lower than the cost of an equivalent new OSB plant, while requiring a shorter initial production time. According to West Fraser's latest internal analysis, the return on the acquisition and investment in the factory is expected to be comparable to the return on other capital projects of similar scale.

West Fraser is a diversified wood products company with more than 60 factories in Canada, the United States, the United Kingdom and Europe. The company uses responsibly sourced and sustainably managed forest resources to produce wood, engineered wood products (oriented strand board, LVL, MDF, plywood and particleboard), pulp, newsprint, wood chips, other residues and renewable energy. West Fraser's products are used in house construction, repair and renovation, industrial applications, paper, tissues and box materials.

This press release contains forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively referred to as "forward-looking statements"), including the expected closing date of the transaction, the rated capacity of the factory, the estimated capital upgrade and the investment and timing of the modern factory, Estimated acceleration timetable, cost status, and return generated. Any such forward-looking statements are based on information currently available to us and based on our assumptions and analysis based on our experience and our views on historical trends and current conditions. Readers should also refer to the risk factors listed in the company’s annual information sheet, as well as management discussions and analysis for the year ended December 31, 2020, dated February 11, 2021, available at SEDAR (www.sedar.com) ) And EDGAR (www.sec.gov/edgar.shtml). There can be no assurance that the plans, intentions or expectations on which the forward-looking statements are based will be realized. Actual results may be different, and the difference may have a material adverse effect on the company and its shareholders.

View the original text: https://www.prnewswire.com/news-releases/west-fraser-to-acquire-us-south-osb-mill-301408245.html

Source: West Fraser Timber Co. Ltd.

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