Fibreboard to Acquire Snider Lumber Products

Fibreboard Inc. will pay $13 million cash to acquire the privately held Snider Lumber Products Co. and its mills near Sonora and Turlock, a Fibreboard spokesman said.

Fibreboard Chairman and President Lawrence Hart said his company has signed an agreement to buy Snider’s sawmills in Chinese Camp, west of Sonora; Wallace, west of San Andreas, and a remanufacturing plant in Turlock.

“These new operations will increase Fibreboard’s lumber capacity by nearly 50% and present the opportunity to expand in the remanufacturing business,” Hart said in a prepared release.

The transaction will require a payment of $13 million cash plus financing secured by the assets of Snider, Hart said.

The Snider mills have a production capacity of 100 million board feet and an annual remanufacturing capacity of 180 million board feet.

A Fibreboard spokesman said Snider will become a wholly owned subsidiary and no layoffs are anticipated.