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Slide #68. Stella-Jones Inc. — McFarland Cascade Holdings, Inc.
Stella-Jones Inc. (TSE:SJ.CA)
McFarland Cascade Holdings, Inc.
Stella-Jones Inc. announced that it has signed a definitive agreement to acquire the shares of McFarland Cascade Holdings, Inc., a provider of treated wood products based in the state of Washington. Stella-Jones announced on November 2, 2012 that it had signed a non-binding letter of intent to acquire McFarland. The definitive agreement provides for a purchase price of approximately US$250.0 million, up from the US$230.0 million previously disclosed, as a result of an increase of approximately US$14.0 million in delivered working capital and other applicable purchase price adjustments. Closing of the acquisition is expected to occur on or about November 30, 2012 and is subject to customary closing conditions.
Stella-Jones is a producer and marketer of pressure treated wood products. Co. supplies North America's railroad operators with railway ties and timbers, and the continent's electrical utilities and telecommunication companies with utility poles. Co. also provides residential lumber, which consists of pressure treated consumer lumber for use in patios, decks, fences and other outdoor applications, as well as industrial products including foundation and marine piling, railway bridge and crossing timbers, construction timbers and highway guardrail posts. Co. also manufactures the wood preservative creosote for use in its wood treating activities, as well as other coal tar based products.
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