Canfor Corporation announces it has entered into an agreement to purchase Elliott Sawmilling Co., Inc. located in Estill, South Carolina (“Elliott”) for a purchase price of US$110 million, which includes normalized working capital. The purchase price represents a 4.3 times EBITDA multiple based on Elliott’s twelve months trailing EBITDA. The transaction will be completed in two phases with 49% being acquired on closing and 51% being acquired one year later. Elliott has a production capacity in excess of 210 million board feet and the sawmill consists of both large and small log lines. Click read more below for additional detail.
Boise Paper, a division of Packaging Corporation of America (PCA), has announced their sponsorship of Reach Out and Read, a U.S. non-profit entering its fourth decade promoting childhood literacy.
“Research points to the importance of early childhood literacy and how reading books improves brain development, even in the earliest years of a child’s life,” said Paul LeBlanc, vice president of paper for PCA. “That’s why we are tremendously excited to announce our sponsorship of Reach Out and Read.”
Since 1989, Reach Out and Read – the nation’s only early literacy organization endorsed by the American Academy of Pediatrics – has been helping parents understand the importance of reading aloud to their children. Their model of integrating literacy education into routine pediatric care is designed to meet families where they are, with more than 90% of children in the United States receiving a well-child check-up annually. Importantly, the Reach Out and Read model reaches children during the most critical first three years of their lives.
“We are committed to empowering parents everywhere and giving children the opportunity to share the joy of being read to aloud in the arms of someone who loves them,” said Erin Henry, Chief Development Officer of Reach Out and Read. “And we could not do that without the dedicated support of generous donors. We are thrilled when a corporate partner, like Boise Paper, sees value in what we’re doing and joins us on this journey.”
As part of their Paper with Purpose commitment to sustainability, Boise Paper looks for opportunities to give back to the communities their employees and customers call home. In 2020, they’re partnering with local Reach Out and Read affiliates across the country to sponsor book drives and raise awareness of the program in underserved communities. You can learn more about Boise Paper and their Paper with Purpose promise at www.BoisePaper.com.
Boise Paper was also a key sponsor of Reach Out and Read’s website renovation, helping www.ReachOutandRead.org visitors connect the dots from the science of brain development, to the value of reading aloud, to Reach Out and Read’s goals for the future. In 2020, the goal is to provide books to 5 million children!
Visit www.ReachOutandRead.org to learn more about the organization and the ways each of us can help reach the ultimate goal of ensuring every child in America has a book of their own.