Woodworking Industry News
Conifex Completes Welco Lumber Acquisition
By Karen M. Koenig January 18, 2012 | 1:27 pm EST
VANCOUVER, BC — Conifex Timber Inc. has completed the acquisition of Welco Lumber Corp. and the transportation and logistics business Navcor Transportation Services Inc. According to the agreement, Conifex paid an aggregate purchase price of $1,576,476 plus the book value of certain specified inventory on the date of closing. The company also has agreed to pay certain commissions for up to three-years.
Conifex announced its intention to acquire the companies in fall 2011. At the time, Conifex said it intended to operate its lumber distribution business under a newly formed company and maintain the trading relationships previously established by its commodity lumber sales group.
In related news, Conifex announced that Brad Johansen resigned as a director of the company Dec. 31, 2011, in order to pursue other interests.
conifex
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Karen M. Koenig
Karen M. Koenig has more than 30 years of experience in the woodworking industry, including visits to wood products manufacturing facilities throughout North America, Europe and Asia. As editor of special publications under the Woodworking Network brand, including the Red Book Best Practices resource guide and website, Karen's responsibilities include writing, editing and coordinating of editorial content. She is also a contributor to FDMC and other Woodworking Network online and print media owned by CCI Media. She can be reached at karen.koenig@woodworkingnetwork.com