Forest products company Crown Pacific Partners L.P. is no longer pursuing the sale of the company because of current weak lumber market conditions, says Crown’s CEO Peter Stott.

However, the board has authorized exploration of other options, including the sale of selected non-strategic assets and the conversion of the company to a real estate investment trust (REIT).

The CEO explained that because of recent developments employing the tax efficient REIT structure to acquire timber, the company is interested in determining whether this investment vehicle may be a more appropriate structure for growth.

Crown Pacific announced in March that it would explore alternatives to increase unitholder value with its advisor, UBS Warburg.

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