TEMISCAMING, QC, July 26 /CNW Telbec/ - Tembec today issued a statement to clarify inaccurate information contained in newspaper articles related to the ratification of a new collective agreement with employees at operations in Temiscaming, Quebec. The coverage quoted a senior Union official as referencing a commitment to an investment program of $300 million. The Company agrees that any continuation of the concessions agreed to in the collective agreement beyond July 1, 2012 is conditional on significant future investments. However, no specific dollar amounts are referenced in the agreement.
The Company is in the process of evaluating a number of options for capital upgrades to the site aimed at maintaining and enhancing its long term competitiveness. Once this evaluation is completed, options will be brought forward to the Company's Board of Directors. Mill capital investment plans normally span a 5 to 10 year period.
Tembec is a large, diversified and integrated forest products company which stands as the global leader in sustainable forest management practices. The Company's principal operations are located in Canada and France. Tembec's common shares are listed on the Toronto Stock Exchange under the symbol TMB and warrants under TMB.WT. Additional information on Tembec is available on its website at www.tembec.com.
This press release includes "forward-looking statements" within the meaning of securities laws. Such statements relate to the Company's or management's objectives, projections, estimates, expectations or predictions of the future and can be identified by words such as "will", "anticipate", "estimate", "expect" and "project" or variations of such words. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of future developments and may not be appropriate for any purposes other than what is stated herein. Such statements are subject to a number of risks and uncertainties, including, but not limited to, changes in foreign exchange rates, product selling prices, raw material and operating costs and other factors identified in our periodic filings with securities regulatory authorities. Many of these risks are beyond the control of the Company and, therefore, may cause actual actions or results to materially differ from those expressed or implied herein. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable securities legislation.
For further information: For further information: John Valley, Executive Vice President, Business Development and Corporate Affairs, Tel.: 416-775-2819, firstname.lastname@example.org; Michel J. Dumas, Executive Vice President, Finance and Chief Financial Officer, Tel.: 819-627-4268, email@example.com