Boise Cascade closes deal with Wood Resources for $102 million
Boise Cascade Company has purchased Wood Resources LLC's Southeast Operations for $102 million.
The acquisition deal includes Chester, S.C.-based Chester Wood Products LLC, a producer of softwood plywood panels and veneer, as well as Moncure Plywood LLC, a flexible specialty plywood mill in Moncure, N.C.
Wood Resources had previously acquired the two entities in 2004 from Weyerhaeuser, at which time their prospects were uncertain. Financial performance and output has since improved.
"I want to welcome the employees at Chester and Moncure to the Boise Cascade family," said Tom Carlile, CEO of Boise Cascade. "The addition of these two well-run plywood plants will strengthen our footprint and enable us to better serve our customers in the Eastern and Southeastern United States."
"We would like to thank the management and employees of our Chester and Moncure operations for their past commitment to performance and safety," added Wood Resources CEO Kurt Liebich. "We are pleased that our employees have the opportunity to continue to move forward as part of Boise Cascade. We will be focusing our efforts and investment on our two plywood operations in the Pacific Northwest, where we are committed to providing our customers with high-quality wood panel and veneer products."
The final price is subject to final working capital adjustments.