West Fraser Timber Company buys Angelina Forest Products for $300 million
LUFKIN, Texas (KTRE) - Angelina Forest Products is under new ownership after being bought by a Canadian-based company for $300 million. West Fraser Timber Company owns over 60 facilities in Canada, the United Kingdom, the United States, and Europe.
Lufkin Economic Development Coordinator Bob Samford thinks this is great news for the city.
“I think it’s a win-win for everyone. It’s change, but change is inevitable,” Samford said.
Angelina Forest Products sold Tuesday to West Fraser Timber Co. less than two years after its first lumber sale.
“We had local individuals that invested their own time and money in developing a top-notch, top-tier sawmill and had the opportunity to sell it to a company that’s their core business, and we expect West Fraser to be a great partner,” Samford said.
Samford said the agreement between AFP and West Fraser came as a surprise.
“When a company invests $300 million there are no plans of slowing down. They’re going to want to speed up and continue to grow the sawmill and bring improvements through their other corporate sawmills,” Samford said.
Samford believes West Fraser Co. will help create long-lasting stability within the community. He said he does not anticipate any layoffs.
“Whether we like it or not, corporations do own other plants, Georgia Pacific, International Paper, so now we have Fraser in our community,” Samford said.
Samford said that he thinks the reason West Fraser invested in AFP is because of their talented workforce.
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