Weyerhaeuser Co has completed the sale of timberlands and mills on British Columbia’s West Coast to Brascan Corp of Toronto.
The deal includes five softwood mills, with a combined annual production of 690 million board feet, two remanufacturing facilities, about 635,000 acres of private timberlands and annual harvesting rights to 3.6 million m3 of timber on public land.
Brascan president and CEO Bruce Flatt said the company was looking forward to actively contributing to the revitalisation of the coastal BC forest industry.
Meanwhile, a federal appeals court has upheld an anti-trust judgement of nearly US$80m against Weyerhaeuser for trying to maintain a monopoly on alder logs.
Weyerhaeuser had appealed against an accusation that it artificially increased prices for alder logs to drive Ross-Simmons Hardwood Lumber Co and others out of business.
The appeals court has rejected all Weyerhaeuser’s claims and affirmed the damages award.
