Canfor Moves Into Europe

Nov 15, 2018 | 2:56 PM

VANCOUVER – Canfor is branching into Europe. Today, it announced it has acquired 70% of the VIDA Group based in Sweden. The Canadian softwood giant paid roughly $580 million for the deal.

The VIDA Group has nine sawmills and nine value-added facilities scattered throughout that Scandinavian country, producing 1.1 billion feet annually.

The company says the acquisition gives Canfor access to different markets, such as Australia and the Middle East. 

“With the acquisition of VIDA, we are excited to become a truly international manufacturer and provider of wood product solutions for our global customers,” said Don Kayne, President and Chief Executive Officer of Canfor. “This transformational growth will allow Canfor to further diversify and secure a worldwide fibre supply to meet the growing demand of our customers for high-quality wood products.”