VANCOUVER, Nov. 25, 2019 /CNW/ - Canfor Corporation (TSX: CFP) announced today it will be curtailing operations at all British Columbia sawmills at the end of December. All sawmills, with the exception of WynnWood, will be curtailed for two weeks from December 23 through January 3, with operations resuming on January 6. WynnWood will be curtailed for five days. The curtailments are due to the high cost of fibre and continued weak lumber markets, which are making the operating conditions in BC uneconomic.
"We deeply regret that our employees have been impacted by multiple curtailments in 2019, we know it has been a difficult year for our employees, contractors, their families and the local communities," said Stephen Mackie, Senior Vice President, Canadian Operations, Canfor. "The curtailments are not a reflection on our hard-working employees or contractors. We appreciate all of their efforts and continued commitment to safety during these difficult times."
These curtailments will remove almost 58 million board feet of production output and are in addition to all previously announced capacity reductions.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law.
Canfor is a leading integrated forest products company based in Vancouver, British Columbia ("BC") with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas, as well as in Sweden with its recent majority acquisition of Vida Group. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of market Northern Bleached Softwood Kraft Pulp and a leading producer of high performance kraft paper. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.
SOURCE Canfor Corporation
For further information: Media Contact: Michelle Ward, Director, Corporate Communications, (604) 661-5225, [email protected]; Investor Contact: Pat Elliott, VP, Corporate Finance and Strategy, (604) 661-5441, [email protected]