The transaction is the first part of a two phase sale. The second phase of the sale, which is expected to occur in September 2014, relates to the sale to Jemi of approximately 31,800 hectares for a price of $20 million. This second phase remains subject to Jemi obtaining adequate financing. There can be no assurance that the second phase of the sale will be consummated in whole or in part.
The transaction is part of the BC Land Sale Initiative. The Company has set an objective of realizing up to $70 million in land sales by December 2014. To date, the Company has realized a total of $38.6 million. The Company will provide regular updates on the BC Land Sale Initiative as it progresses.
Tembec is a manufacturer of forest products - lumber, pulp, paper and specialty cellulose - and a global leader in sustainable forest management practices.
