Two of New England’s top performing eastern white pine manufacturing facilities will join forces reports LBM Journal, as Hancock Lumber has announced its plans to acquire Madison Lumber Mill. Hancock Lumber’s eastern white pine operations will expand to four mills with its first sawmill acquisition in over 20 years.
While Hancock Lumber will be purchasing Madison Lumber Mill following an expected Sept. 30 closing date, the Madison, New Hampshire based location will continue to operate under the Madison Lumber Mill name. The plan is to keep Madison Lumber’s employees, manufacturing systems, customer relations, and products unchanged.
“The addition of Madison Lumber is filled with synergy for both companies. The current owners, Kim Moore and Jim Smith, have built an exceptional company. When you find caring owners that are looking for an exit strategy that can preserve and perpetuate their love for their business, employees, industry, and customers — well, it’s a win-win,” said Hancock Lumber CEO, Kevin Hancock. “Hancock and Madison combine to offer a dynamic set of capabilities within the eastern white pine industry for log suppliers, customers, and employees. This is a rare opportunity, and we are excited to maximize its full potential for the benefit of everyone associated with both companies. Our commitment to eastern white pine takes a long view and this partnership enhances that view.”
Located an hour west of Hancock Lumber’s headquarters in Casco, Maine, Madison Lumber Mill is estimated to be the sixth largest manufacturer of eastern white pine. In addition to producing pine boards and products, the company operates a significant wholesale division. Current co-owners, Kim Moore and Jim Smith purchased the former International Paper mill in 2001. Hancock Lumber last acquired an eastern white pine operation when the company purchased the Chadbourne Sawmill in Bethel, Maine in 2000.
Adding this fourth mill to its portfolio will make Hancock Lumber the largest eastern white pine producer in the United States, the company says, expanding not only their manufacturing capacity, but also their talent with the addition of Madison Lumber Mill’s sales, operations, and log procurement teams. General Manager John Fuller, along with all of Madison Lumber Mill’s employees, will remain part of the team while current owners Moore and Smith will remain during a transitional period.
For other Acquisition related posts click here.
