Canfor Buys PinkWood, Adds I-Joist Capacity in Alberta

Canfor closed its purchase of PinkWood Ltd, the Calgary-based maker of I-joists, the company said Thursday. The deal, first disclosed June 9, adds 120 employees and 46 million linear feet of annual I-joist production to Canfor's engineered wood business.

“We’re excited to welcome the PinkWood operation, its management team and its employees to the Canfor family,” Chief Executive Officer Susan Yurkovich said in a statement. “The acquisition represents a strong strategic fit for both companies and supports the continued growth of Canfor’s value-added manufacturing capabilities.”

PinkWood will keep its name and operate as a wholly owned subsidiary. The Calgary plant is Western Canada's largest I-joist facility, according to the press release. I-joists are engineered wood beams used in floor and roof framing, a product line Canfor had previously sourced from external suppliers.

The acquisition fits a broader push by Canadian lumber producers to move into higher-margin engineered products. Softwood lumber prices have been volatile, and producing I-joists lets Canfort capture more of the value chain from log to finished building material. The 46 million linear feet of capacity roughly matches the output of a mid-sized North American I-joist plant.

Canfor, based in Vancouver, operates more than 50 facilities in Canada, the U.S. and Europe. It also holds a 77% stake in Vida AB, Sweden's largest private sawmill company. The company's shares trade on the Toronto Stock Exchange under the ticker CFP.