Canadian forest products maker Tembec Inc will sell some of its non-core assets to a private company for C$13 million ($12.5 million) as it focuses on its core business of production of wood, pulp, papers, paperboard and chemical products.The Quebec-based company's shares were down 6 percent at C$2.52 -- their lowest in five weeks -- in afternoon trading on the Toronto Stock Exchange.Tembec said it planned to close a hardwood flooring plant in Huntsville, Ontario which will lead to 63 job cuts.The company said it will take a related one-time charge of C$2 million, which will be reflected in its December-quarter results.
Tembec Inc. (Tembec) is a Canada-based company. The Company operates in four segments: Forest Products, Pulp, Paper and Chemicals. Shares of TMB fell by 5.24% or $-0.14/share to $2.53. In the past year, the shares have traded as low as $1.80 and as high as $6.40. On average, 175120 shares of TMB.TO exchange hands on a given day and today's volume is recorded at 246409.
Source
