Chip Dickinson, CEO of Anderson-Tully, officially announced that an investment group headed by Richard M. Lingle and affiliated with the acquisition of hardwood timber and other hardwood products has signed a letter of intent to acquire the Anderson-Tully Engineered Wood (ATEW) division, including the Capella Hardwood Flooring brand.

"Our alliance with Anderson-Tully will afford greater flexibility to provide high-quality lumber and veneer in Vicksburg [Miss.] with access to over 350,000 acres of Anderson-Tully's Forest Stewardship Council-certified timberland," Lingle said.

The Capella plant consists of a veneer mill with a high-speed lathe capable of producing more than 180-million-square feet of veneer, complete with facilities to product large quantities of engineered wood, hardwood flooring and a finish line. Anderson-Tully will continue to own and operate its hardwood sawmills and lumberyard in Vicksburg as well as its timberlands in Mississippi, Arkansas, Louisiana and Tennessee.