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CanWel Building Materials to buy B.C. lumber pressure treating plant

VANCOUVER - Building material supplier CanWel Building Materials Group Ltd. (TSX:CWX) said Wednesday it has agreed to buy a lumber pressure treating plant from NorthWest Wood Preservers in Prince George, B.C., for an undisclosed amount.

Under a non-binding letter agreement, CanWel will get the plant — which has been a supplier to the company — and its related equipment and property.

"We have examined many strategies to build vertical integration capabilities where it makes operational and economic sense for CanWel," chairman and CEO Amar Doman said in a statement.

"The acquisition will provide us with an integrated capability in treated lumber that is expected to enhance our profitability and growth strategies, as CanWel is currently a customer of the plant."

After completion of the acquisition, CanWel's assets will include four operating treating plants and a number of distribution centres across Canada.

CanWel is one of Canada's largest wholesale building material distributors, offering lumber, hardware and renovation products.

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