West Fraser Timber Co. Ltd. and Norbord Inc. have announced that they have completed the previously announced transaction whereby West Fraser has acquired all of the issued and outstanding common shares of Norbord. Under the terms of the transaction, holders of Norbord shares received 0.675 of a common share of West Fraser for each Norbord share held.
"Today marks a new era for all West Fraser employees and shareholders with the completion of the Norbord transaction. The combination of two top-calibre employee teams manufacturing sustainable products that are essential for a low-carbon economy positions West Fraser well going forward," said Raymond Ferris, president and chief executive officer of West Fraser.
Management and board changes
Raymond Ferris will continue as the president and chief executive officer and Chris Virostek will continue as vice-president, finance and chief financial officer. Peter Wijnbergen, the president and chief executive officer of Norbord, has been appointed president, Engineered Wood and Sean McLaren, vice-president, U.S. Lumber, has been appointed president, Solid Wood. Marian Lawson and Colleen McMorrow, directors of Norbord, have also been appointed to West Fraser’s Board of Directors.
Listing of West Fraser shares on NYSE and delisting of Norbord shares
As previously announced, West Fraser has received the approval of the New York Stock Exchange to list the West Fraser shares on the NYSE. The West Fraser shares will commence trading on the NYSE under the stock symbol WFG. Concurrent with the commencement of trading on the NYSE, West Fraser’s stock symbol on the Toronto Stock Exchange will be changed to WFG.