Conifex Timber Inc has announced that it has entered into a non-binding letter of intent (LOI) to acquire the commodity lumber distribution business owned and operated by Welco Lumber Corp and the transportation and logistics business owned and operated by Navcor Transportation Services Inc
Pursuant to the terms of the LOI, the proposed transaction includes the purchase of all assets related to the lumber distribution business, except for certain working capital items related to Welco's commodity lumber segment, the assumption of the existing office lease and employment agreements with key employees Welco will retain ownership of its corporate name, its specialty lumber business and its interest in Marathon Forest Products Conifex intends to operate its lumber distribution business under a newly formed company and maintain trading relationships previously established by its commodity lumber sales group Additionally, the LOI provides that Conifex will acquire all of the issued and outstanding shares of Navcor upon closing
Under the terms of the proposed acquisition, Conifex shall pay an aggregate of $1525m to Welco, as well as payment of certain commissions to Welco for a three-year period following closing
Conifex CEO Ken Shields remarked: "The team proposed to come over to Conifex have done a superb job arranging products sales and deliveries to the three largest softwood lumber import markets in the world -- the US, China, and Japan We are pleased that the proposed transaction will enable us to continue to serve our customers with the team they know and respect"
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