TEMISCAMING, QC, June 15 /CNW Telbec/ - Tembec today announced a series
of short-term and indefinite closures at its sawmills located in Quebec,
Ontario and British-Columbia in addition to ongoing full or partial closures.
Mills tentatively scheduled for a two-week full or partial closure in
July and August include Senneterre, Taschereau and Béarn in Québec; Hearst and
Chapleau in Ontario. This production loss will be partially offset by the
temporary nine week re-opening of the La Sarre, Quebec sawmill.
In addition, Tembec will indefinitely shutdown the third shift at its
Elko sawmill and corresponding Cranbrook planer mill, in British-Columbia; the
third shift at its Cochrane sawmill and planer mill, in Ontario; and the
second shift at the Cranbrook finger joint mill in British-Columbia which will
result in annualized curtailments of 120 million board feet.
These curtailments are in addition to existing closures at Timmins,
Ontario sawmill, La Sarre, Quebec sawmill and Kirkland Lake, Ontario
Engineered wood products, resulting in a total annualized curtailment in
excess of 300 million board feet.
"These shutdowns are being taken due to a combination of factors," said
Dennis Rounsville, Executive Vice President and President of Tembec's Forest
Products Group. "These include holiday scheduling, the sharp decline in demand
for lumber, low lumber prices and the impact of the high value of the Canadian
Management has informed employees of all affected sites of the Company's
Tembec is a large, diversified and integrated forest products company.
With operations principally located in North America and in France, the
Company employs approximately 9,000 people. Tembec's common shares are listed
on the Toronto Stock Exchange under the symbol TBC. 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 "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. 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 in Canada and the United States. 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 or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
For further information:
For further information: John Valley, Executive Vice President, Business
Development and Corporate Affairs, (416) 864-7502, Cell: (289) 259-5699