[MEADOW LAKE, Saskatchewan, Canada] November 22, 2014 – We are pleased to announce that Tolko Industries Ltd. has acquired full ownership of the Meadow Lake OSB mill in Meadow Lake, Saskatchewan as per the terms and conditions as outlined in the original Limited Partnership contract signed in 2001.
“Tolko is anchored in small communities and nowhere is this more evident than in Meadow Lake,” said Brad Thorlakson, CEO. “In 2001, we entered into partnership with the Government of Saskatchewan and a number of aboriginal stakeholders to build an oriented strand board (OSB) plant in Meadow Lake, Saskatchewan. The past 10 years, while filled with ups and downs in terms of the economy, has demonstrated the value and resiliency of the operation, our employees and the community. Today we are reaffirming our commitment to Meadow Lake and to OSB production and we’re looking forward to realizing the full potential of our asset under the Tolko flag.”
The agreement, signed between Tolko Industries and the CIC at the end of September, has now closed and will see Tolko take ownership of 100% of the Meadow Lake asset effective immediately.
“We are committed to the OSB business as part of our operating model and we are looking forward to continuing to build on Meadow Lake’s position as an innovative, exciting, high quality production facility and great place to work,” said Jim Baskerville, vice president of OSB and Kraft Paper. “Today’s news dovetails quite nicely with the reopening of our state of the art Athabasca facility, which is due to produce first board early in December. Between these two operations, Tolko is well positioned to have a strong presence in the OSB market for the foreseeable future.
Speaking to customers, Hardy Wentzel, vice president of Marketing, Sales and Logistics confirmed there would be no impact on customer service during the transition. “We do not expect there will be any impact on customer service. Our Meadow Lake operations will continue to deliver quality product, on time and with the same high standard of service that our customers have come to expect.”
Parker Snyder, Plant Manager at Meadow Lake says he is excited for the future. “The purchase comes at an opportune time as we are celebrating both our 10th anniversary of operations and our millionth press load! As we move to become a full member of the Tolko family, I believe we have an opportunity to strengthen our operations, focus on innovation through initiatives such as our IFIT project, and really strengthen Meadow Lake’s position as a quality producer of OSB for the market. We have a great community, employees and the full support of Tolko behind us. We’re feeling very positive and looking forward to moving ahead as a full member of the Tolko team.”
Employees at Meadow Lake have been notified of the purchase and are receiving additional communications around how the change will affect them.
“We do not anticipate there will be any major implications for staff,” said Snyder. “The biggest change will be around the look and feel of Meadow Lake which will change as we move into the Tolko Family. We will make every effort to keep everyone informed in order to make the transition a smooth one for staff, families and the community.”
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www.tolko.com
For further information please contact:
Janice Lockyer, Communications Advisor
Tolko Industries Ltd.
T 250 550 2598 | M 250 306 0929
janice.lockyer@tolko.com
Maritza Reilly, Communications Coordinator
Tolko Industries Ltd.
T 250 550 2571 | M 250 308 8021
maritza.reilly@tolko.com
