10:29 AM EST, 02/11/2025 (MT Newswires) -- Western Forest Products ( WFSTF ) up 10% on last look, has completed the sale of 14,500 hectares of fee simple land on northern Vancouver Island in British Columbia, to a Canadian affiliate of the Eastwood Climate Smart Forestry Fund I LP for $69.2 million.

"Eastwood has a dedicated focus on delivering climate benefits by supporting responsible forest management globally and we believe they will be excellent stewards of this land and partners in the region," said Steven Hofer, President and CEO of Western. "The sale reflects our ongoing focus on optimizing and investing in our BC operations. We plan to use the sale proceeds to reduce our debt and support our accelerated transition to higher value products manufacturing, including the previously announced continuous kiln investments in BC."

Western Forest was last seen up $0.04, to $0.425, on the Toronto Stock Exchange.

Price: 0.43, Change: +0.04, Percent Change: +10.39