Immediately following the closing, Paul Herbert, who retired recently as the CEO of Ilim Group, a company indirectly affiliated with Ilim Timber, was appointed to Interfor's Board of Directors. Mr. Herbert will stand for election as a director of the Company at Interfor's Annual General Meeting in May.
The addition of Tolleson's two sawmills in Perry and Preston and a remanufacturing facility in Perry makes Interfor one of the five largest lumber producers in North America, and the largest in Georgia.
To accommodate its growth in the US Southeast, Interfor has appointed George T. Georgiev, the President of Tolleson since 2012, as Regional Vice President, Georgia. He will report to Joe Rodgers, Interfor's Senior Vice President, US Operations, and will provide leadership for Interfor's six mills in Georgia, including wood procurement.
The Company also announced plans to open an office in Peachtree City, a suburb of Atlanta, Georgia, to serve as a hub for its operations in the US Southeast.
Total consideration paid by Interfor for Tolleson amounted to $129.9 million in cash and retained liabilities plus 3.68 million of the Company's Class A Subordinate Voting Shares.
Interfor is a growth-oriented lumber company with operations in Canada and the United States. The Company has annual production capacity of 2.6 billion board feet.