Exhibit 99.1
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| News Release |
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For Immediate Release
WEST FRASER ANNOUNCES CLOSURE OF HINTON PULP SALE
VANCOUVER, B.C., February 5, 2024 – West Fraser Timber Co. Ltd. (“West Fraser” or the “Company”) (TSX and NYSE: WFG
announced today that the Company has completed the sale of its Hinton Pulp mill to Mondi Group plc (“Mondi”) following completion of Canadian regulatory reviews and satisfaction of customary closing conditions.
“We would like to thank our dedicated employees, the community of Hinton, and the Government of Alberta, for their efforts in helping close this
transaction,” said Sean McLaren, President & CEO West Fraser. “The future of the Hinton Pulp mill is bright.”
Hinton Pulp
produces unbleached kraft pulp. West Fraser will continue to support the mill through a long-term fibre supply agreement.
About West Fraser
West Fraser is a diversified wood products company with more than 60 facilities in Canada, the United States, the United Kingdom, and Europe. From responsibly
sourced and sustainably managed forest resources, the Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals, and renewable energy. West Fraser’s products are
used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials. For more information about West Fraser, visit www.westfraser.com.
Forward-Looking Statements
This news release contains
forward-looking information or forward-looking statements (collectively, “forward looking statements”) within the meaning of applicable securities laws. These forward-looking statements include, among other things, the expected future of
the Hinton Pulp mill and realization of expected benefits from completion of the acquisition, including the continued support of the Hinton Pulp mill through a long-term fibre supply agreement. Any such
forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us considering our experience and our perception of historical trends and current conditions and are subject to inherent
risks and uncertainties including risks associated with the long-term fibre supply agreement, including credit and counterparty risk and our ability to successfully complete regulatory reviews and satisfy
closing conditions, including requisite regulatory approvals, and the potential impact of the announcement or completion of the transaction on relationships, including regulatory bodies, employees, suppliers, customers and competitors. Readers
should also refer to the risk factors set forth in the Company’s annual information form and management’s discussion and analysis for the year ended December 31, 2022, each dated February 14, 2023, as updated in our
management’s discussion