Western Forest Products and Tla’amin Nation Announce Milestone Agreement for the Purchase and Sale of Western’s Stillwater Forest Operation

Core Viewpoint - Western Forest Products Inc. has agreed to sell its Stillwater Forest Operation to Qwoqwnes Forestry Holdings Limited Partnership for $80 million, marking a significant step in the stewardship of Tla'amin Nation's territory [1][5]. Group 1: Transaction Details - The transaction involves the purchase of a 100% ownership interest in the Stillwater Forest Operation, which includes approximately 154,000 hectares of forest land, primarily within Tla'amin Nation's traditional territory [2]. - Qwoqwnes will manage an allowable annual cut of approximately 469,200 cubic metres of timber from the operation and will enter into a long-term fibre supply agreement with Western [2][3]. - The completion of the transaction is subject to various conditions, including financing and approvals from the Ministry of Forests in British Columbia [3]. Group 2: Strategic Implications - The acquisition is expected to enhance local economic development, create jobs, and support environmental stewardship in alignment with Tla'amin teachings and values [4]. - Western's President and CEO emphasized the importance of this transaction in fostering beneficial relationships with Indigenous communities and aligning business needs with their economic development aspirations [5]. - The transaction supports Western's strategy to transition to higher value products while maintaining a strong balance sheet amid challenging operating conditions [5]. Group 3: Company Background - Western Forest Products is an integrated forest products company focused on building a margin-oriented log and lumber business, primarily operating in British Columbia and Washington State [7]. - The company has a lumber capacity of 700 million board feet and sources timber through long-term licenses and partnerships with First Nations [7].