Published December 2001

Deal in works for Summit
to sell sawmill

Herald Business Journal Staff

Summit Timber Co. of Darrington and Hampton Affiliates of Portland, Ore., have reached an agreement for Hampton to acquire substantially all of the operating assets of Summit’s sawmill, according to a news release issued by the companies.

Under the deal, Summit would keep ownership of its logging and trucking operations, lumber distribution and other assets not related to the mill operations.

The purchase requires the approval of both companies’ boards of directors, with the transaction expected to be completed by Jan. 31.

“Notwithstanding the current challenging operating environment, we believe the Summit mill is well positioned to contribute to Hampton’s long-term growth and success,” said Ron Parker, President and Chief Executive Officer of Hampton, which owns and operates three sawmills in Oregon and two in Washington and also has wholesale and distribution operations along the West Coast.

“We anticipate investing significant new capital into the mill, so it is likely that a portion or all of the mill will be idle for a period of time as ownership is transferred and the improvements are completed,” he said.

Once the Summit mill is remodeled and fully operational, Parker said he expects it to produce over 180 million board feet of product on an annual basis.

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