Portland, Ore.-based Pope & Talbot announced that it has agreed to sell its Fort St. James and Midway sawmills.
The company said it will sell the Fort St. James sawmill to the Sinar Mas Group for $6 million and the Midway sawmill to Fox Lumber Sales for $750,000.
The sales are subject to approval by the U.S. Bankruptcy Court and the Canadian Court, as well as customary regulatory approvals in Canada and the United States. The company said it expects to receive such approvals and close the transactions in the second quarter of 2008.
Sinar Mas Group is a global enterprise with significant interests in pulp and paper in Indonesia, China and elsewhere. Sinar Mas is the largest producer of pulp and paper in Asia and is one of the top five in the world. Pope & Talbot sold three Canadian-based pulp sawmills to the Sinar Mas Group last month.
Fox Lumber Sales is a full service lumber manufacturing business headquartered in Hamilton, Mont.
Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the United States and Canada.