Timber Logistics

Timber Logistics Market Outlook

The global timber logistics market is projected to reach a size of approximately USD 12.5 billion by 2035, growing at a compound annual growth rate (CAGR) of around 6.2% during the forecast period from 2025 to 2035. This growth is driven primarily by the increasing demand for timber in various industries, including construction, furniture, and packaging, which is propelled by urbanization and infrastructural development. Additionally, the rising trend of sustainable building practices and eco-friendly materials is further boosting timber consumption. Enhanced logistics solutions, including advanced inventory management and transportation services, are also contributing to the market's growth. The combination of rising demand and innovation in logistics will continue to create opportunities for stakeholders in the timber logistics sector.

Growth Factor of the Market

One of the primary growth factors for the timber logistics market is the rising demand for timber products in the construction sector, which is undergoing significant expansion due to urban development projects across the globe. Additionally, the growing trend towards sustainable materials has led to an increase in timber usage, as it is often considered a more eco-friendly alternative compared to steel and concrete. The furniture industry is also experiencing robust growth, which subsequently drives the demand for timber logistics services. Furthermore, advancements in technology, such as digital tracking and inventory management systems, are improving the efficiency of timber logistics operations, resulting in reduced costs and enhanced service delivery. As nations focus on infrastructural upgrades and eco-friendly practices, the timber logistics market is expected to see accelerated growth in the coming years.

Key Highlights of the Market

• The timber logistics market is projected to reach USD 12.5 billion by 2035.
• Growth driven by rising demand in construction, furniture, and eco-friendly materials.
• Technological advancements are enhancing logistics efficiency.
• Urbanization is a significant factor contributing to market expansion.
• Expansion of international trade is increasing the need for reliable timber logistics solutions.

By Service Type

Transportation:

Transportation is a crucial segment of the timber logistics market, encompassing the movement of timber from forests to processing units and subsequently to end-users. The transportation services can vary significantly based on the distance, type of timber, and the infrastructure in place. Efficient transportation solutions are essential for maintaining the quality of timber, particularly for sensitive types like hardwood, which can be affected by environmental conditions during transit. Logistics providers are increasingly adopting multimodal transportation strategies to optimize costs and reduce delivery times. The demand for transportation services is projected to grow as construction and manufacturing industries expand and require timely deliveries of timber products.

Warehousing:

Warehousing plays a significant role in the timber logistics market, ensuring that timber products are stored properly before being dispatched to end-users. Effective warehousing solutions are crucial for managing inventory levels and minimizing waste. As timber is susceptible to damage and degradation, warehouses need to be equipped with appropriate climate control systems to preserve the condition of the timber. The demand for advanced warehousing solutions is increasing due to the rising complexity of supply chains and the need for just-in-time delivery. The development of automated warehousing systems is also becoming more prominent, allowing for improved tracking and management of timber inventories.

Inventory Management:

Inventory management is a vital component of timber logistics, focusing on tracking and managing timber stocks throughout the supply chain. This segment has gained importance as businesses seek to reduce costs and improve service levels. Advanced inventory management systems utilize technology to provide real-time data on stock levels, enabling companies to make informed decisions about procurement and distribution. With the increasing demand for timber products, effective inventory management strategies are essential for minimizing stockouts and ensuring a seamless flow of timber from suppliers to end-users. Companies are increasingly leveraging software solutions for better visibility and control over their timber inventories.

Freight Forwarding:

Freight forwarding services are integral to the timber logistics sector, facilitating the movement of timber across various transportation modes. Freight forwarders act as intermediaries between shippers and carriers, ensuring that cargo is shipped efficiently and economically. The global nature of the timber market often requires freight forwarding services that can handle customs clearance, documentation, and compliance with international trade regulations. As timber trade continues to expand globally, the need for reliable freight forwarding services will increase, particularly in regions where timber is a key export product. Companies that specialize in freight forwarding are likely to see substantial growth in demand as they provide essential services to timber exporters and importers.

Value-added Services:

Value-added services in timber logistics encompass a range of offerings that enhance the overall supply chain efficiency. These services may include processing timber into specific sizes or products, custom packaging, and even installation services. By offering value-added solutions, logistics providers can differentiate themselves in a competitive market and meet the unique needs of their customers. As industries increasingly demand tailored timber products, the importance of value-added services will continue to grow. Companies that can provide comprehensive logistics solutions, including these additional services, are likely to gain a competitive edge and capture a larger market share.

By Use Industry

Construction:

The construction industry is the largest end-use segment for timber logistics, driven by the increasing demand for building materials as urbanization accelerates globally. Timber is favored in construction due to its natural aesthetic, strength, and sustainability. As governments and private sectors invest in infrastructure projects, the need for efficient timber logistics becomes paramount to ensure timely delivery of materials to construction sites. With the rising trend of green building practices, the demand for sustainably sourced timber is expected to drive growth in this segment. Companies providing timber logistics solutions tailored for construction will benefit significantly from this trend.

Furniture:

The furniture industry represents another significant end-use segment for timber logistics, as timber is a primary raw material for producing various furniture items. The demand for custom and high-quality furniture is on the rise, leading manufacturers to seek reliable timber logistics services. The ability to deliver timber in different sizes and specifications is critical for furniture manufacturers, which is why logistics providers must be flexible and responsive to market demands. As e-commerce continues to grow, the timber logistics market will also need to adapt to accommodate quick turnarounds and deliver furniture products directly to consumers.

Paper & Pulp:

The paper and pulp industry is heavily reliant on timber as a raw material, making it a crucial segment in the timber logistics market. With the increasing demand for paper products, particularly in packaging and printing, the logistics of transporting timber for pulp production has become essential. Timber logistics providers must ensure that the quality of timber is maintained throughout the supply chain to meet the stringent requirements of the paper industry. Additionally, as the demand for recycled paper rises, logistics companies will need to adapt their operations to accommodate both virgin and recycled timber supplies.

Packaging:

The packaging industry is experiencing substantial growth, driven by the increasing demand for sustainable packaging solutions. Timber plays a significant role in this sector, particularly for wooden pallets and crates used for transporting goods. As consumers become more environmentally conscious, businesses are turning to timber-based packaging solutions to reduce their carbon footprint. Timber logistics providers must respond to this growing trend by offering efficient and reliable transportation and storage services for packaging materials. The rising e-commerce sector further amplifies the need for effective timber logistics solutions for packaging applications.

Others:

This segment includes various other industries that utilize timber for different applications, such as energy, automotive, and musical instruments. While these applications may not be as large as the primary sectors, they represent niche markets that contribute to the overall timber logistics market. Companies operating in these areas often require specialized logistics solutions tailored to the unique needs of their products. As these niche markets grow, there will be opportunities for logistics providers to expand their service offerings and cater to the diverse needs of these industries.

By Mode of Transportation

Road:

Road transportation is a dominant mode in the timber logistics market due to its flexibility and accessibility. It enables the direct movement of timber from forests or warehouses to processing facilities or construction sites. With a vast network of roads, this mode is often preferred for short to medium distances, allowing for quick deliveries. However, companies must face challenges such as traffic congestion and potential road damage caused by heavy timber loads. To mitigate these issues, logistics providers are adopting route optimization technologies that enhance delivery efficiency and reduce operational costs, ensuring that timber reaches its destination in a timely manner.

Rail:

Rail transportation is an efficient mode for moving large volumes of timber over long distances. It is particularly advantageous for transporting timber from remote forests to processing plants or shipping ports. Rail offers a more environmentally friendly alternative compared to road transport, reducing carbon emissions associated with logistics operations. However, companies must navigate the complexities of rail logistics, including scheduling, loading, and unloading processes. As demand for timber logistics rises, investments in rail infrastructure and partnerships with rail operators will play a crucial role in enhancing the overall efficiency of timber movement via rail.

Sea:

Sea transportation is essential for international timber trade, enabling the shipment of timber products across continents. Given the global demand for timber, particularly in regions where local supplies may be limited, shipping by sea is often the most cost-effective solution for long-distance logistics. However, sea transport also presents challenges such as the need for proper packaging to prevent damage during transit and compliance with various international regulations. Additionally, fluctuations in fuel prices and shipping costs can impact overall logistics expenses. Companies engaged in timber logistics must develop robust partnerships with shipping lines to ensure timely and reliable delivery of timber products worldwide.

Air:

Air transportation, while less commonly used, plays a pivotal role in transporting high-value or time-sensitive timber products. It offers unparalleled speed and reliability, making it ideal for urgent shipments. However, the high costs associated with air cargo limit its use primarily to specialized timber products or markets where quick delivery is essential. Companies engaged in timber logistics must weigh the benefits of air transport against its costs, often reserving it for products that can command premium pricing or that are needed urgently in specific markets. As e-commerce continues to expand, the demand for air transport options for timber logistics may see a modest increase.

Intermodal:

Intermodal transportation combines multiple modes of transport—such as truck, rail, and sea—to enhance logistics efficiency in the timber sector. By leveraging the strengths of each mode, intermodal transport can optimize costs and reduce delivery times. For instance, timber may be transported via truck to a rail terminal and then shipped by rail over long distances before being delivered by truck to the final destination. This flexibility allows logistics providers to respond effectively to various transportation challenges and meet customer demands. The growing emphasis on sustainability is also driving interest in intermodal solutions, as they can lower the carbon footprint associated with timber transport.

By Timber Type

Hardwood:

Hardwood is highly sought after for its durability and aesthetic appeal, making it a popular choice in furniture, flooring, and cabinetry. The demand for hardwood timber is consistently robust, driven by both residential and commercial construction projects. However, harvesting and transporting hardwood can present challenges, as it often requires more careful handling and specialized logistics due to its heavier weight and potential for damage. As environmental considerations push for sustainable sourcing, logistics providers must ensure that hardwood is sourced responsibly and that transportation methods minimize environmental impact. The growth of eco-friendly building practices is likely to further boost the hardwood timber segment.

Softwood:

Softwood timber is primarily used in applications such as construction, paper production, and furniture manufacturing. Its lighter weight and easier handling make it a preferred choice for many industries. The softwood timber segment is expected to see significant growth driven by the ongoing demand for affordable building materials and packaging solutions. Logistics companies must focus on maintaining the integrity of softwood during transportation to avoid warping and other damage. As the construction and packaging industries continue to grow, the demand for efficient logistics solutions for softwood products will also increase, creating opportunities for logistics providers.

Engineered Wood Products:

Engineered wood products, such as plywood, oriented strand board (OSB), and laminated veneer lumber, are gaining popularity for their strength and versatility. These products are often used in modern construction and furniture manufacturing due to their sustainability and cost-effectiveness. The logistics of transporting engineered wood products can be complex, requiring specialized handling to ensure they remain undamaged. As the demand for sustainable building materials continues to grow, logistics providers must adapt their operations to accommodate the unique needs of engineered wood products. The market for these products is expected to expand, offering logistics companies new opportunities for growth.

Treated Wood:

Treated wood is essential for outdoor construction applications, such as decking, fencing, and utility poles. The treatment process enhances the timber’s resistance to pests, rot, and weather conditions, making it a preferred choice for many outdoor projects. The logistics of transporting treated wood require careful management to ensure that the treatment chemicals do not leach or cause environmental harm. Companies must be equipped to handle the specific requirements for storage and transport of treated wood products. As consumers become more environmentally aware, the demand for responsibly sourced treated wood is likely to increase, requiring logistics providers to align their operations with sustainability practices.

Others:

This segment encompasses various other types of timber, including specialty woods used for niche applications such as musical instruments, artisan furniture, and custom woodworking projects. These products often have unique handling and transportation requirements, making logistics operations more complex. Companies catering to these niche markets must develop specialized logistics solutions that address the specific needs of their products. As consumer preferences shift towards custom and artisanal wood products, this segment may see growth, presenting opportunities for logistics providers to tap into emerging markets.

By Region

The North American timber logistics market is one of the most significant in the world, driven by a robust construction industry and a high demand for timber in furniture manufacturing. The region has a well-established logistics infrastructure that supports efficient movement and storage of timber products. The market is projected to grow at a CAGR of 6.5%, as investments in sustainable forestry practices and advanced logistics technologies continue to fuel demand. Additionally, the increasing awareness regarding sustainable building practices and eco-friendly products is likely to push the timber logistics sector further in this region. Companies that can offer innovative logistics solutions tailored to the specific needs of the North American market will be well-positioned for growth.

Europe is also witnessing substantial growth in the timber logistics market, supported by the region's commitment to sustainability and green building practices. The European market is expected to grow at a CAGR of 5.8%, as countries focus on reducing their carbon footprints through the use of sustainably sourced timber. Furthermore, the demand for engineered wood products is rising, driven by modernization in construction techniques. Logistics providers in Europe must adhere to strict environmental regulations, which can impact operations. As the focus on renewable resources continues, the timber logistics market in Europe is poised for growth, with opportunities for companies that prioritize sustainable practices in their logistics operations.

Opportunities

As the timber logistics market continues to expand, significant opportunities are emerging for logistics providers willing to adapt to changing market dynamics. One such opportunity lies in the increasing demand for sustainable and eco-friendly timber products. With consumers and industries becoming more environmentally conscious, logistics companies can capitalize on this trend by offering services that prioritize sustainability, from sourcing timber responsibly to implementing green transportation methods. Additionally, the growth of e-commerce presents an opportunity for logistics providers to create tailored solutions for companies looking to deliver timber products directly to customers. By investing in technology and infrastructure that enhance efficiency and reduce environmental impact, logistics providers can position themselves as leaders in the sustainable timber logistics sector.

Furthermore, the adoption of advanced technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT) in timber logistics is paving the way for increased operational efficiency and transparency. These technologies can optimize supply chain management, improve inventory tracking, and enhance customer service. Companies that embrace digital transformation will be better equipped to meet the evolving needs of their clients and gain a competitive advantage in the market. The integration of technology also allows for better data collection and analysis, enabling logistics providers to make informed decisions and streamline their operations. As the timber logistics market evolves, there will be ample opportunities for those willing to innovate and invest in future-proof solutions.

Threats

Despite the promising growth prospects in the timber logistics market, several threats could potentially hinder progress. One of the most pressing challenges is the increasing competition within the logistics sector, as new players enter the market and existing companies expand their offerings. This heightened competition can lead to price wars, ultimately squeezing profit margins for logistics providers. Additionally, fluctuations in timber prices due to market volatility or regulatory changes can impact the supply chain, making it difficult for companies to predict costs accurately. As a result, logistics providers must remain agile and responsive to market changes to mitigate these threats and maintain their market position.

Moreover, environmental regulations and sustainability requirements are becoming increasingly stringent, placing additional pressure on logistics providers to comply with evolving standards. Failure to adhere to these regulations can result in penalties and reputational damage, which could adversely affect business operations. As the timber industry faces scrutiny regarding deforestation and sustainable sourcing, logistics companies must ensure that their operations align with environmental goals. Furthermore, external factors such as geopolitical tensions, trade disputes, and economic downturns can also pose risks to timber logistics, leading to disruptions in supply chains and reduced demand for timber products. Logistics providers must remain vigilant and develop strategies to navigate these uncertainties effectively.

Competitor Outlook

• Weyerhaeuser Company
• International Paper Company
• West Fraser Timber Co. Ltd.
• Canfor Corporation
• Georgia-Pacific LLC
• Stora Enso Oyj
• Sappi Limited
• Domtar Corporation
• UPM-Kymmene Corporation
• Resolute Forest Products Inc.
• Metsa Group
• Smurfit Kappa Group plc
• Neiman Enterprises
• Hickok Incorporated
• RSG Forest Products Ltd.

The competitive landscape of the timber logistics market is diverse and dynamic, characterized by both established players and emerging companies. Leading firms such as Weyerhaeuser Company and West Fraser Timber Co. Ltd. dominate the industry, leveraging their extensive networks and resources to offer comprehensive logistics solutions. These companies are investing heavily in technology and innovation to improve operational efficiency and meet the growing demand for sustainable practices in timber logistics. Additionally, partnerships and collaborations among players in the market are becoming increasingly common, as companies seek to enhance their service offerings and expand into new regions.

In addition to large corporations, mid-sized and niche players are gaining traction in the timber logistics market. Companies like Metsa Group and Smurfit Kappa Group are capitalizing on specialized services and sustainable practices to differentiate themselves. These players often focus on specific regions or timber types, allowing them to build strong relationships with customers and establish a loyal client base. As the demand for eco-friendly timber products continues to rise, businesses that emphasize sustainability and innovative logistics solutions will likely thrive in this competitive landscape.

Furthermore, the increasing emphasis on technology integration is reshaping the competitive dynamics in the timber logistics market. Many companies are now adopting digital solutions to streamline operations, enhance customer service, and improve supply chain visibility. For instance, firms like Georgia-Pacific and International Paper are investing in advanced logistics management systems that utilize data analytics to optimize inventory levels and reduce costs. As more players embrace digital transformation, those that fail to adapt may struggle to compete effectively in the evolving marketplace.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Metsa Group
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Sappi Limited
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Stora Enso Oyj
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Canfor Corporation
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Domtar Corporation
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Neiman Enterprises
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Georgia-Pacific LLC
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Hickok Incorporated
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Weyerhaeuser Company
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Smurfit Kappa Group plc
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 UPM-Kymmene Corporation
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 RSG Forest Products Ltd.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 International Paper Company
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 West Fraser Timber Co. Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Resolute Forest Products Inc.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Timber Logistics Market, By Timber Type
    • 6.1.1 Hardwood
    • 6.1.2 Softwood
    • 6.1.3 Engineered Wood Products
    • 6.1.4 Treated Wood
    • 6.1.5 Others
  • 6.2 Timber Logistics Market, By Service Type
    • 6.2.1 Transportation
    • 6.2.2 Warehousing
    • 6.2.3 Inventory Management
    • 6.2.4 Freight Forwarding
    • 6.2.5 Value-added Services
  • 6.3 Timber Logistics Market, By Use Industry
    • 6.3.1 Construction
    • 6.3.2 Furniture
    • 6.3.3 Paper & Pulp
    • 6.3.4 Packaging
    • 6.3.5 Others
  • 6.4 Timber Logistics Market, By Mode of Transportation
    • 6.4.1 Road
    • 6.4.2 Rail
    • 6.4.3 Sea
    • 6.4.4 Air
    • 6.4.5 Intermodal

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Timber Logistics Market by Region
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Timber Logistics market is categorized based on

By Service Type

• Transportation
• Warehousing
• Inventory Management
• Freight Forwarding
• Value-added Services

By Use Industry

• Construction
• Furniture
• Paper & Pulp
• Packaging
• Others

By Mode of Transportation

• Road
• Rail
• Sea
• Air
• Intermodal

By Timber Type

• Hardwood
• Softwood
• Engineered Wood Products
• Treated Wood
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Weyerhaeuser Company
• International Paper Company
• West Fraser Timber Co. Ltd.
• Canfor Corporation
• Georgia-Pacific LLC
• Stora Enso Oyj
• Sappi Limited
• Domtar Corporation
• UPM-Kymmene Corporation
• Resolute Forest Products Inc.
• Metsa Group
• Smurfit Kappa Group plc
• Neiman Enterprises
• Hickok Incorporated
• RSG Forest Products Ltd.