In early June Northern Hardwoods, a Longyear Company, acquired Banks Hardwood’s Newberry facility to expand its brand.
The acquisition secured jobs in the Newberry area and will continue to strengthen the region’s forest products sector.
“With this acquisition, the company’s investment in lumber sales volume will have grown to almost 30 million board feet under our Northern Hardwoods brand from none in 2015”, said Steve Hicks, CEO of Longyear.
This acquisition will be Longyear’s third investment in the region over the past three years, investing in forest products and medical device manufacturing — both of which are key industries and employers in our region.
These three acquisitions currently employ over 100 jobs and will continue to grow.
“We are thankful for the opportunity to invest and expand with these recent acquisitions”, said Hicks. Longyear will continue to look at opportunities in the region to allocate capital and grow employment.”
Longyear has long history of leading forest products growth in the Upper Peninsula which today is home to over a few hundred forest product companies and employs close to a thousand people.
Currently, the Upper Peninsula makes up nearly half of Michigan’s forestry industry with 8.8 million acres of forest.
Northern Hardwoods ships lumber across the world from the shores of Lake Superior in Michigan’s Upper Peninsula. Longer winters with lake effect snow create a slower maple growth season. The result is maple that grows naturally whiter, is extremely strong and undeniably one-of-a-kind.
Longyear is the parent company of Northern Hardwoods. It’s a Michigan-based asset manager with over a 145-year track record of as a leading investor and employer in our region.
Longyear is very supportive of the region’s prosperity and is a founding member of InvestUP, the region’s leading economic development organization fully funded by the private sector.