Idaho-based Boise Cascade Co. has acquired Coastal Plywood Co. and its two manufacturing locations from Coastal Forest Products for $512 million.
The Coastal Plywood sites employ 750 workers in Chapman in Butler County and in Havana, Florida.
“This acquisition incrementally expands our veneer capacity in support of our customers,” said Nate Jorgensen, CEO, Boise Cascade. “Near term, it provides us the ability to optimize our existing engineered wood products (EWP) asset base. Longer term, we are excited to fully integrate this strategic venture and we intend to invest $50 million into our Southeast operations over a three-year period to further our EWP production capacity.”
Mike Brown, executive vice president at Boise, added, “These are well-invested and managed plants that fit nicely into our existing footprint of integrated facilities in the Southeast. We look forward to welcoming the Coastal team to Boise Cascade.”
Travis Bryant, CEO of Coastal Forest Resources Company, said, “Coastal has a long history of manufacturing quality products and a strong reputation in the markets we serve. This transaction represents an opportunity for our talented and dedicated employees to join a dynamic organization, offering them a secure future with great opportunities ahead.”
The transaction doesn’t include the Coastal parent company or timberlands.
