Canfor Corp. has closed the deal on acquisition of Swedish lumber producer VIDA Group.
The B.C.-based company said Thursday it has completed the purchase of 70 per cent of Vida's shares for $580 million. The move was first announced in November.
"We are excited to welcome the VIDA team to Canfor and we are looking forward to working with VIDA to develop our business on a global scale," Canfor president and CEO Don Kayne said in a release.
"We respect VIDA's team, the quality of the wood products they produce, their strong customer relationships, and most importantly the value of the VIDA brand worldwide."
VIDA, a privately-held company, has nine sawmills in southern Sweden with an annual production capacity of 1.1 billion board feet.