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.