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Sumitomo Forestry Ltd. of Japan has acquired Teal Jones Louisiana Holdings, majority owner of Teal Jones' sawmill in Plain Dealing, La., which began production last year.
Sumitomo paid $42 million for 57.05% of the business, with the remainder held by local investors.
With an annual capacity of 300 million bd. ft., the southern yellow pine mill has three lines—a large log line, a small log line, and a head rig—so it can perform a wide range of cuts. It now hopes to double production by adding a second shift by late summer.
The 241-acre site includes 88 acres that sit currently unused and can be earmarked for expansion.
One year ago, Teal Jones Group, Surrey, B.C., filed to restructure under bankruptcy protection. Nonetheless, construction and start-up of the Plain Dealing mill continued, since it was owned by a Teal Jones affiliate and others.
