Boise Cascade enters into agreement to sell North Carolina plywood mill to Southern Veneer Products
“Moncure primarily supplies hardwood plywood to the furniture panel sector. The acquisition of this facility more closely aligns with Southern Veneer’s business strategy. We believe this sale provides the best long-term option for continuing to serve the furniture market and sustain employment at the mill into the future,” said
Approximately150 employees are employed by the facility.
“We are excited to enter into this agreement with
“As we conclude optimization of our veneer sourcing strategy and with the capital investments we’ve committed to our Chester, Florien and Oakdale facilities, we believe there is ample veneer capacity internally and externally to meet the future needs of our EWP customers,” said Brown.
The sale is contingent upon the results of the due diligence process, which is expected to be complete in the first quarter.
About
About Southern Veneer Products
Southern Veneer is a leading manufacturer of southern yellow pine plywood, veneer and wood by-products in the Southeastern United States. For more information, please visit our website at www.southernveneerproducts.com.
Forward-Looking Statements
This press release includes statements about our expectations of future operational and financial performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a number of risks, uncertainties, and assumptions that could cause our actual results to differ materially from those projected, including, but not limited to, prices for building products, the effect of general economic conditions, mortgage rates and availability, housing demand, housing vacancy rates, governmental regulations, unforeseen production disruptions, as well as natural disasters. These and other factors that could cause actual results to differ materially from such forward-looking statements are discussed in greater detail in our filings with the
Media Contact:Lisa Chapman , 208-384-6552 Investor Contact:Wayne Rancourt , 208-384-6073
Source: Boise Cascade Company