Mercer International Inc. Receives Court Sales Order Approval to Acquire Structurlam Mass Timber Assets
Retrieved on:
Tuesday, May 30, 2023
NEW YORK, May 30, 2023 (GLOBE NEWSWIRE) -- Mercer International Inc. ("Mercer" or the "Company") (Nasdaq: MERC) today announced that it has received applicable Bankruptcy Court approval of a sales order approving the acquisition of substantially all of the assets of Structurlam Mass Timber Corporation and its subsidiaries ("Structurlam"), including a production facility located in Conway, Arkansas (the "Conway Facility") and production facilities in British Columbia, Canada, for $81.1 million, exclusive of a break fee and expense reimbursement, subject to customary adjustments. The transaction is subject to customary conditions and is expected to be completed shortly.
Key Points:
- Mercer to acquire substantially all of Structurlam's assets, including its state-of-the-art mass timber facility in Conway, Arkansas, cementing Mercer's position as a leading mass timber provider in North America.
- The acquisition will materially increase our existing production capacity and cement our position as a leading producer of mass timber products.
- "These assets complement our existing Mercer Mass Timber facility, located in Spokane Valley, Washington and provide significant potential synergies on a combined basis.
- As glulam is commonly incorporated into mass timber construction projects that utilize CLT, the acquisition of Structurlam will enhance our ability to service the growing customer base for our mass timber business."