Canadian billionaire Jimmy Pattison would boost stake in lumber companies if 'the price was right'

Canadian billionaire Jimmy Pattison said he thinks lumber “is here to stay” and he would boost his stakes in lumber companies if “the price was right.”

“If the price was right I would certainly be inclined to invest in the lumber business,” the chairman and chief executive officer of The Jim Pattison Group said in an interview on Thursday.

“It's a cyclical business, prices go up and down significantly and if the timing is right, things should be OK.”

As of 3:50 p.m. EDT, the price of lumber was at US$455 per 1,000 board feet.