Potlatch closes sale of OSB assets to Ainsworth Lumber
Potlatch Corporation is a diversified forest products company with approximately 1.5 million acres of timberland and 4,300 employees in the United States. Net sales in 2003 were $1.5 billion, making Potlatch a mid-sized company within the U.S. forest products industry.
Sep 23, 2004. /Lesprom Network/. Potlatch Corporation said today the company has completed its previously announced sale of oriented strand board (OSB) mills and related assets in Grand Rapids, Bemidji and Cook, Minnesota, to Ainsworth Lumber Co. Ltd. of Vancouver, British Columbia.
Company officials confirmed that Potlatch's cash on hand and the after-tax proceeds from the approximate $455 million cash sale now exceed the company's aggregated outstanding debt. The company's Board of Directors is reviewing possible strategies for use of its cash to increase shareholder value.
Potlatch Corporation is a diversified forest products company with approximately 1.5 million acres of timberland and 4,300 employees in the United States. Net sales in 2003 were $1.5 billion, making Potlatch a mid-sized company within the U.S. forest products industry.