Western Forest Products Inc. announced that a wholly owned subsidiary of Western has entered into an agreement to acquire certain assets of Calvert Company, Inc. located in Washington State for the consideration of $12 million (USD), which includes $2.5 million in inventory, subject to customary post-closing inventory adjustments.
With more than 60 years of experience in producing high quality glulam beams in multiple species for use in industrial, commercial, and residential projects around the world, Calvert is one of the oldest glulam manufacturers in the U.S. Calvert has manufacturing facilities located in Washougal and Vancouver, Washington, with a combined annual glulam capacity (based on two-shifts) of approximately 35 million board feet. Calvert’s operations employ approximately 60 employees and produced approximately 13 million board feet of glulam in 2021 on a single-shift basis.
Western has indicated that the transaction will be financed with cash on hand and is expected to close in the third quarter of 2022. Completion of the transaction is subject to satisfaction of customary closing conditions. As part of the transaction, Western has created a new engineered wood subsidiary which will remain focused on further growth opportunities throughout the entire mass timber value chain.
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