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Augusta Lumber Acquires American Hardwood Industries

Waynesboro, VA, November 23, 2009 ― Augusta Lumber announces the acquisition from American Hardwood Industries of the assets of its Blue Triangle division located in Everett, PA and its Graham Lumber division with facilities located in Linden, TN, Selmer, TN and Fulton, MS. The combined companies will operate as American Hardwood Industries (“AHI”) and will continue to sell its products under the Augusta, Blue Triangle and Graham Lumber names. AHI’s Emporium and Northern facilities will not be acquired as part of this transaction.

John O’Dea, currently President of Augusta Lumber, will become President of AHI with full responsibility for each of its Augusta, Blue Triangle and Graham Lumber subsidiaries. Mr. O’Dea commented, “We view this as a terrific opportunity to acquire two of the marquis producers in the Appalachian region with a strong reputation in both the export and domestic markets. This further solidifies our leading position in our region and in the export markets. We look forward to offering our customers more of the same quality and service they have come to expect from us.” Mr. O’Dea added, “Thanks to the continued support and investment of our shareholders and banking partners, we are well capitalized and are confident we will emerge stronger from this challenging time in our industry.”

AHI’s current headquarters operations will be consolidated into Augusta’s headquarters in Waynesboro, VA. Existing mill management will continue to run the Blue Triangle and Graham Lumber facilities, and certain members of AHI’s senior management, including the Blue Triangle and Graham Lumber core sales team, will work for Augusta and/or relocate to Augusta’s headquarters. Augusta will not be acquiring the Northern Hardwoods or Emporium Hardwoods facilities. As part of the transaction, former AHI CEO Ted Rossi will no longer be active in the business.

The new operations will make American Hardwood Industries among the largest Appalachian producers in the USA with a combined production capacity of over 120 million board feet. The combined operation will maintain leadership positions across all of the major export markets including Europe, Asia and the Middle East.

About American Hardwood Industries (formerly Augusta Lumber): Headquartered in Waynesboro, Virginia, American Hardwood Industries (“AHI”) is a leading supplier of hardwood logs, lumber and flooring both in the United States and abroad. Founded in 1955, AHI is a vertically integrated supplier that includes 9 sawmills with a total capacity of 120 million board feet, 5 kiln locations with a total annual kiln dried capacity of 65 million board feet, and a flooring plant which manufacturers pre-finished flooring under the brand name Montebello Flooring.



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