Crown Pacific Partners, which owns a 3-year-old sawmill in Port Angeles and 83,000 acres of timberland across the Olympic Peninsula, announced an asset sale and “strategic alliance”‘ with Louisiana-Pacific Corp. on Tuesday.
The deal includes the sale of Crown’s Bonners Ferry, Idaho, sawmill to Louisiana-Pacific and closure of mills in Coeur d’Alene, Idaho, and Prineville, Ore., later this year. Crown will also commit logs from 250,000 acres in Idaho to the larger company.
The action will raise about $40 million for Portland, Ore.-based Crown Pacific and continues its strategy to downsize and restructure operations to reduce debt and preserve its core timber assets, a company statement said.