Canfor acquires parts of Vida AB
The owners of Vida AB (“Vida”) have agreed with the Canadian company Canfor Corporation to sell 70% of their shares to them. The present owners of Vida will retain 30% of the shares in Vida and continue to be responsible for the daily operations of the group.
– We have had a relation with Canfor for several years and it is a company characterized by high quality, both with respect to its products but also with respect to how they run their company. We are proud to receive Canfor as co-owner and of that Vida thereby can grow and enforce its position on the global market, says Santhe Dahl, group CEO Vida AB.
Canfor is one of the world’s largest producers of sawn wood products, pulp and paper, based in Vancouver, Canada. They employ 6,500 people and saws 10 billion m3 annually, produces 1.4 million tons pulp and paper as well as 400,000 tons pellets. The company today has 25 saw mills in Canada and the US, four pulp factories, one kraft paper factory and three pellets factories. The company is listed on the Toronto stock exchange.
– We are glad to become a global producer and supplier of sawn wood products through the acquisition. Vida is a well renowned brand that fits well into our strategy of offering our customers high quality products with a strong customer focus. We are excited that Santhe Dahl, Group CEO and Måns Johansson, Deputy CEO, of VIDA will continue to lead the company operations in Sweden. We welcome VIDA’s skilled management team, talented employees and modern operations to our Company, says Don Kayne, President and Chief Executive Officer of Canfor.
Vida will continue to produce sawn wood products, wood packaging, module houses and bio fuel under its own brand. Santhe Dahl, group CEO and Måns Johansson, deputy CEO, will continue to be responsible for and to handle the day to day operations of Vida.
The present owners of Vida sells 70% of all their shares for a price of 3,990 million SEK on a cash and debt free basis. The transaction is envisaged to be concluded in the first quarter of 2019 and is conditional upon due diligence, completion of certain transaction documents and customary closing conditions, including any required regulatory approvals.
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