Pope & Talbot Announces Agreements to Sell Fort St. James and Midway Sawmills
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Agreements subject to approval by US Bankruptcy Court and Canadian Court.
PORTLAND, Ore., Feb. 12 -- Pope & Talbot, Inc. (Pink Sheets: PTBT) today announced that it has agreed to sell its Fort St. James and Midway sawmills. The Sinar Mas Group has agreed to purchase the Fort St. James Sawmill for approximately $6 million. Fox Lumber Sales, Inc. has agreed to purchase the Midway Sawmill for approximately $750,000.
The sales are subject to approval by the US Bankruptcy Court and the Canadian Court, as well as customary regulatory approvals in Canada and the United States, and Pope & Talbot expects to receive such approvals and close the transactions in the second quarter of 2008.
Pope & Talbot is a pulp and wood products business. The Company is based in Portland, Oregon and trades on the Pink Sheets under the symbol PTBT. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the Company's products include the US, Europe, Canada, South America and the Pacific Rim. For more information, please check our website at www.poptal.com.
Sinar Mas Group is a global enterprise with significant interests in pulp and paper in Indonesia, China and elsewhere. Sinar Mas is the largest producer of pulp and paper in Asia and is one of the top five in the world.
Fox Lumber Sales, Inc. is a full service lumber manufacturing business headquartered in Hamilton, MT.
Source: Pope & Talbot, Inc.
CONTACT: Mark Rossolo of Pope & Talbot, Inc. +1-503-274-4054
Web Site: www.poptal.com/
