Canadian Canfor Corporation has entered the European market. The company acquired a majority stake in Sweden's wood products supplier Vida Group.
The Swedish Vida Group is now majority-owned by Canadian forestry group Canfor Corporation. The Canadian company announced it had closed the acquisition of 70% of the shares in Vida. The transaction price was put at around SEK4bn (roughly €381.5m). Vida's current owners will retain control of the remaining 30% stake and will continue to manage the day-to-day business.
Vida is an important supplier of wood and wood products in Sweden. The company has nine sawmills with a total capacity of 2.6 million m³ (1.1 billion board feet) and also supplies wood packaging and bioenergy. It operates more than 18 sites in Sweden and employs 1,050 people.
Canfor produces wood products, NBSK pulp and kraft paper and has approximately 6,300 employees.
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