Canada’s Canfor Corporation will do its first step outside of North America. The company plans to acquire a majority stake in Swedish VIDA Group, which is specialised in wood products.
Canadian forestry company Canfor Corporation has announced that it will acquire 70% of VIDA Group, the Swedish supplier of timber and wood products. The two companies put the transaction price at around SEK4bn (approximately €390m). The current owners of VIDA will retain a 30% interest and continue to manage the day-to-day business, the companies said. VIDA’s CEO Santhe Dahl and his deputy Måns Johansson will continue to manage the business in Sweden. The transaction is expected to be completed in the first quarter of 2019.
The takeover marks Canfor’s entry into the European market. The company, which currently only has plants in Canada and the USA, said it was excited to become a truly international player and supplier of wood product solutions. This step would secure Canfor’s wood supply to meet its customers’ growing demand for wood products, it added.