Ainsworth completes sales of non-core assets

Dec 15, 2009. /Lesprom Network/. Ainsworth Lumber Co. Ltd. has completed the divestiture of the company's portfolio of non-core assets. Collectively, the asset sales support the company's strategic focus on optimizing its portfolio and allocating resources to its best performing OSB assets, the company said in a press release received by Lesprom Network. On December 11, 2009, the company completed the sale of its specialty plywood business unit. This includes the Savona specialty plywood mill and the Lillooet veneer mill, both of which are located in southwestern British Columbia. On November 3, 2009, the company finalized an agreement to sell its facilities in Grand Rapids, Minnesota. This transaction is expected to close on December 15, 2009. On June 29, 2009, Ainsworth closed the sale of its property in Bemidji, Minnesota, and on December 3, 2009, the company closed the sale of its property in Cook, Minnesota. Ainsworth President and CEO Rick Huff said, "As we reported at the end of the 3Q, our three active oriented strand board mills in Canada ran at capacity and did not take any demand related downtime. Going forward, we remain focused on keeping our costs in line with the realities of the current environment while operating safely and efficiently. With the progress we have made to improve our business, we believe we are well positioned to take advantage of an eventual recovery in North American demand for engineered wood products." Operations at the three Minnesota properties were permanently discontinued in January 2009. Financial terms of all of the company's non-core asset sales were not disclosed. The proceeds of the sales are not expected to have a material impact on the financial results of the company.