After a century operating as a family business, Wynndel Box and Lumber Ltd., rebranded in 2014 as WynnWood, has been sold to Canfor, one of the world’s largest wood manufacturers.
“All the management team and myself are staying on as part of the agreement,” WynnWood president Michael Combs said today, shortly after making the announcement to the Wynndel sawmill’s staff. “We are profitable, but to continue to grow, Wynnwood needs access to more fibre than we can supply, and the mill needs even more capital investment.”
Wynndel Box and Lumber was on shaky ground until a turnaround was accomplished in the last several years, with a dramatic change in management structure and investment in state-of-the-art equipment, accompanied by a lower Canadian dollar that increased its competitive advantage in U.S. markets.
Combs said that he and his board of directors, members of the Wigen family, had looked at purchasing other mills, or selling to other companies. In the end, he said, the Canfor sale was the right fit.
“Canfor says they want to diversify their portfolio, and getting into the specialty wood products market is one way to do it. We make some of the best boards in the world, so we were attractive to them.”
“I will be staying on and making all the decisions until I leave the business, and I don’t plan to do that any time soon,” he said.
Watch for the full story tomorrow.
