Sawmills are being shut down in Prineville, OR and Coeur d'Alene, Idaho. The mill being sold is in Bonners Ferry, Idaho, and includes a commitment by Crown Pacific to provide the mill lumber from its 250,000-acre tree farm in the state.
After the closures and the sale, Crown Pacific will own three operating saw mills. They are located in Gilchrist, OR, and in the Washington State cities of Port Angeles and Marysville.
Crown Pacific says the closures and the sale will net the company some $40 million with which it plans to pay down some of the $687 million in long-term debt it reported carrying at the end of the second quarter, during which the company lost $6.8 million on revenues of $166 million.
Shares of Crown Pacific were trading for $7.21 apiece in afternoon trading Wednesday, a price much closer to its 52-week low than its 52-week high. Shares in the Louisiana Pacific were trading in the $10.65 range early Wednesday afternoon, which is in the middle of its 52-week range.
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