Tembec recently announced the closing of the sale of approximately 31,800 hectares of land located within the Regional District of East Kootenay, British Columbia, to Jemi Fibre Corp.
The transaction is the second part of a two phase sale. The first phase of the sale closed on June 25, 2014. As a result of the most recent sale of land, the Company will record a gain of $15 million in its September 2014 financial results.
The transaction is part of the BC Land Sale Initiative. Tembec has set an objective of realizing up to $70 million in land sales by December 2014. To date, the company has realized a total of $60 million. Tembec will provide regular updates on the BC Land Sale Initiative as it progresses. There can be no assurance that Tembec will attain the stated objective or that it will do so within the specified time period.
