TEXAS (News release) -- West Fraser Timber Co. Ltd. announced that the U.S. regulatory review has been completed and the other closing conditions have been satisfied. The company is proceeding to close the acquisition of the Angelina Forest Products lumber mill located in Lufkin, Texas.

In October 2021, West Fraser has entered into an agreement to acquire the Angelina Forest Products lumber mill for approximately $300 million, subject to certain post-closing adjustments.

The new turn-key facility, which produces southern yellow pine ("SYP") lumber products, began construction in 2018, commenced operations in late 2019 and is expected to progress toward full production capacity of approximately 305 million board feet over the next three to four years. The transaction includes approximately $4 million of target working capital and approximately $24 million of supplemental tax attributes that are expected to result in a direct cash flow benefit to West Fraser.