Port Townsend Paper entered an agreement with Crown Packaging Ltd.,
to purchase the assets of Crown’s traditional packaging divisions. The purchase
will be for the cash price of $61.5 million, subject to post-closing adjustments.
The deal is expected to be complete by this March.
The acquisition will include
two Crown corrugated and converted paper products plants in Richmond and Kelowna,
B.C., two sheet plants, located in Burnaby and Kelowna, B.C., and the Crown Creative
Group, also located in Burnaby, B.C.
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