By BRAD FUQUA/Philomath News
PHILOMATH – An undisclosed buyer has purchased Interfor Corp.’s property and sawmill operation in Philomath after the Canadian-based company closed the mill early this year.
Two industry publications said the sale was for $15 million, but could not identify the buyer.
Rick Pozzebon, Interfor’s executive vice president and chief financial officer, mentioned the sale during the company’s earnings call this month. During the call, Pozzebon said Interfor’s financial position was supported by $48 million of operating cash flows in the quarter, driven by the release of $72 million of working capital.
“This working capital improvement is attributable in part to our active management of log and lumber inventories,” Pozzebon said, the transcript of the call published on Investing.com. “Also supporting the financial position was $21 million of cash generated from asset sales, including assets of the former sawmill in Philomath, Oregon.”
Market Screener and Lumber Blue Book both published brief information on the Philomath sale.
“An undisclosed buyer acquired Philomath sawmill from Interfor Corporation for $15 million,” Market Screener reported.
“On June 27, 2024, the company sold property and assets of the former Philomath, Oregon, sawmill for cash consideration of $15 million,” Lumber Blue Book wrote.
Interfor started laying off employees at the Philomath operation in February as “part of the indefinite curtailment of the operation,” according to a company spokesperson. Production stopped immediately in mid-February and the shipping, kiln and planer parts of the operation slowed until reaching a complete shutdown by the end of March.
The Philomath sawmill produced a mix of kiln-dried and green hemlock and Douglas fir dimensional lumber and timbers with an annual capacity of 220 million board feet.
Interfor acquired the sawmill from Georgia-Pacific in 2021. The company owned a little more than 80 acres with facilities on Industrial Way and near the intersection of Highway 20 and Highway 34.
