EDMONTON, June 26 /CNW/ - H. MacKenzie Millar, President and CEO of
Millar Western Forest Products Ltd., today announced the company's intention
to purchase the operating assets of Mostowich Lumber Ltd., a lumber operation
based in Fox Creek, Alberta, established in 1944 by Steve Mostowich, and
currently owned and operated by sons Ron and Arnie Mostowich. Agreed in
principle by both parties, but subject to due diligence and third-party
approvals, the sale is expected to close over the next several weeks.
In making the announcement, Millar stated, "We are very pleased to be
bringing this operation, with its long history and its dedicated people, into
our organization. Given the proximity of our operating areas, and our similar
values and management approach, this acquisition represents an ideal
opportunity for Millar Western. In expanding the scope of our business, we are
confident we will enhance the long-term value of our company, and serve the
interests of our employees, communities, customers and other stakeholders."
Millar Western intends to continue running the 50 million board foot per
year capacity Fox Creek operation, and to offer ongoing employment to the
approximately 60 people who make up the mill's workforce. Said Millar, "We
will work closely with our long-time industry colleagues, the Mostowichs, to
ensure a smooth transition for employees and other interested parties as the
Fox Creek operation is brought into the Millar Western organization."
Millar Western is an Alberta-based forest products company headquartered
in Edmonton and operating lumber facilities in Whitecourt and Boyle, and a
bleached chemi-thermomechanical pulp (BCTMP) mill in Whitecourt. The company's
manufacturing operations are supplied by its third-party certified woodlands
operations, based in Whitecourt and Boyle.
For further information:
For further information: Janet Millar, Communications Director, (780)