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GreenFirst divests 2 Quebec sawmills for ~$90M

Sawmill

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  • GreenFirst Forest Products (OTCPK:ICLTF) on Wednesday said it would sell its La Sarre and Béarn sawmills and its Abitibi and Témiscamingue forestry operations to Chantiers Chibougamau for about $90 million cash.
  • Quebec-based employees are expected to continue to be employed by Chantiers Chibougamau post-closing.
  • GreenFirst expects to use the net proceeds from the sale to strengthen its balance sheet and continue investing in its Ontario operations.
  • The sale of the Quebec assets is expected to close in Q1 2023.

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