The acquisition is still subject to approval by the courts of Canada and the United States. A decision is expected during the second quarter of 2025.
The sawmill, which is located in the northwest of Louisiana, will help Sumitomo Forestry create a stable supply system for its US housing business and lumber products sales. In 2022, Teal Jones had announced a US-$110 million investment (€102 million) in the construction of the Southern Yellow Pine sawmill in Plain Dealing.
In April 2024, Teal Jones filed for bankruptcy. However, according to consistent US media reports, the subsequent restructuring measures should not jeopardize the financing of the greenfield project in Plain Dealing, which has an annual production capacity of around 700,000 m³ of lumber.
