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Pope & Talbot pulp mills may go to Sinar Mas
Portland, OR-based Pope & Talbot, Inc. will sell three pulp mills to one or more affiliates of the Shanghai-based Sinar Mas Group. The value of the transaction to Pope & Talbot is about $225 million, including the assumption of certain liabilities and $100 million of working capital proceeds that is not subject to the sale, to be realized after closing. The three softwood pulp mills are in Nanaimo and Mackenzie, British Columbia, and Halsey, Oregon. The transaction could be closed in 1Q08. Sinar Mas Group has major pulp and paper holdings in Indonesia, China and elsewhere. It claims to be the largest producer of pulp and paper in Asia and one of the top five in the world. Its subsidiary, Asia Pulp and Paper, bought the Meadow Lake pulp mill in Saskatchewan in 2006. Pope & Talbot has already sold three Canadian sawmills to Interfor of British Columbia. |
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