Another major business is being sold in the North Shore area.
Interfor, a forestry company based in Burnaby, British Columbia will acquire EACOM Timber Corporation in a $490-million cash deal.
According to Northern Ontario Business, Interfor will increase its total lumber production capacity by 25 per cent, and help the company expand into eastern Canada.
The deal include the sawmill in Nairn Centre as well as others in Ear Falls, Elk Lake, Gogama and Timmins and an engineered wood plant in Sault Ste. Marie.
Intefor President, CEO Ian Fillinger says the transaction will make the company a true North American lumber producer.
The process of closing the deal is expected to take up to eight months to complete.