Canfor currently has 25 sawmills, in Canada and the United States, and employs 6,500 people. In order to enter the European market, 70% of shares in Swedish See are now acquired.
Today, on November 15, the Swedish Vida saw group announced that the current owners have agreed with the Canadian Canfor Corporation on a deal that sells 70 percent of its shares worth approximately SEK 4 billion.
The current owners will still have 30 percent of the shares and will also be responsible for the Vida Group's ongoing operations.
"We have relationships with Canfor for many years and this is a company that is characterized by high quality, both in their products and in the operation of companies. We are proud that we have Canfor as a shareholder and that thus can thus grow and strengthen Vida on the global market , "says Santhe Dahl, executive director of Vida AB, in a press release.
Canadian Canfor is one of the largest producers of sawn wood, pulp and paper worldwide and even about ten million cubic meters per year. The company is based in Vancouver and employs 6,500 people. In addition to the amount of cereals Canfor produces 1.4 million tonnes of pulp and paper and 400,000 tonnes of pellets.
"By purchasing Vida, we are pleased to be the world's leading manufacturer and supplier of sawn timber. Vida is a reputable brand that is well-suited to our strategy to offer high quality products to our customers with a lot of customer attention. We are pleased that Santhe Dahl and Måns Johansson, Vice President of Vida, continue to lead the company's business in Sweden. We welcome Vida qualified management, talented employees and modern facilities for our company, "said Don Kayne, President of the Canfor Management Board.
Vida will continue to produce sawn timber, wooden packaging, modular housing and biofuels under its own brand name. At the same time, Santhe Dahl, Chief Executive and Måns Johansson, will continue to be responsible for managing Vida's daily operations.
The purchase price corresponds to SEK 3.99 billion and the transaction is due to end in the first quarter of 2019.
This article was published on Thursday, November 15, 2018