West Fraser Timber Co. Ltd. (TSX:WFT) shares closed 4% increased Monday (up $3.24 per share) on the information that it has accomplished the beforehand introduced acquisition of Ontario’s Norbord Inc.
The $4 billion acquisition, introduced in November, formally closed Monday.
Because of the acquisition, Norbord’s inventory shall be delisted on the New York Inventory Trade, and West Fraser’s inventory will now listing on the NYE underneath the image WFG. West Fraser’s inventory image on the TSX will even change from WFT to WFG.
“Immediately marks a brand new period for all West Fraser staff and shareholders with the completion of the Norbord transaction,” mentioned West Fraser CEO Raymond Ferris,
“The mixture of two top-calibre worker groups manufacturing sustainable merchandise which can be important for a low-carbon financial system positions West Fraser properly going ahead.”
West Fraser has purchased a variety of mills within the U.S. lately. The acquisition of Norbord marks the primary main acquisition inside Canada east of the Alberta border, and it expands its footprint past North America.
In accordance with its most up-to-date investor presentation, West Fraser owns 33 lumber mills, seven panel mills and 5 pulp in paper mills in North America.
Norbord has 5 vegetation in Canada, seven within the U.S., and several other within the U.Okay. and Belgium.