Vernon, British Columbia, Canada 07 January 2014 -- Tolko Industries Ltd. today announced that it has signed an Asset Purchase Agreement for the sale of its Ashcroft Treating Plant to Koppers Inc. The decision to sell follows a thorough review of Tolko’s product mix.
“Ashcroft has been a strong performer in our asset mix since 2004,” said Brad Thorlakson, president and CEO of Tolko. “However, we have decided to focus our efforts on our wood products and paper operations moving forward.”
Thorlakson went on to say, “One of the key reasons Ashcroft has become a successful business is through the contributions of our employees. The Ashcroft team has consistently delivered company leading safety performance and a quality product for our customers.
“One of the main reasons I am so pleased to enter into this agreement with Koppers, is that they share an excellent financial track record, they value employee health and safety, the environment, their local communities, and their ability to deliver innovative solutions for their customers. With these strong principles guiding the company, I feel comfortable in knowing that the Ashcroft team will be in good hands.
“With regards to employment, we want to assure our employees at Ashcroft that their employment will continue and the transition will be seamless for all employees.”
Tolko is also committed to working with Koppers to ensure a smooth transfer of contracts with suppliers and customers.
Ashcroft Treating produces railway ties, bridge timbers and crossing planks and employs approximately 28 people. The acquisition is expected to close within 30 days.
About Tolko Industries Ltd.
Tolko Industries Ltd. is a private, Canadian-owned forest products company based in Vernon, British Columbia. With more than 3300 employees, Tolko is a major producer and marketer of lumber, veneer, plywood, oriented strand board and Kraft papers, with manufacturing operations across western Canada. The company’s woodlands operations have been recognized by third-party certification of its sustainable forest management systems. Tolko is a member of the Forest Products Association of Canada and a signatory to the Canadian Boreal Forest Agreement. For more information, visit www.tolko.com.
About Koppers Inc.
Koppers, with corporate headquarters and a research center in Pittsburgh, Pennsylvania, is a global integrated producer of carbon compounds and treated wood products. Including its joint ventures, Koppers operates facilities in the United States, United Kingdom, Denmark, The Netherlands, Australia and China. The stock of Koppers Holdings Inc. is publicly traded on the New York Stock Exchange under the symbol "KOP." For more information, visit www.koppers.com