VANCOUVER, BC, July 28,
2022 /CNW/ - Canfor Corporation (TSX: CFP) is pleased
to announce it will invest approximately $210 million USD to build a new, state-of-the-art
sawmill complex in southern Alabama. Using leading technology, the new
sawmill will have an annual production capacity of 250 million
board feet on a two-shift basis and will provide a new, modern work
environment for the approximately 130 people who will be employed
directly, in addition to supporting significant indirect jobs.
In alignment with our sustainability goals and decarbonization
targets, the facility design includes investment in a
biomass-fueled lumber drying system. Startup of the facility is
anticipated in the third quarter of 2024.
"Building on Canfor's proud operating history in Alabama, we are excited to invest in a new
world-class facility that will ensure our long-term ability to
operate competitively. In addition, the facility's versatility and
flexibility will enhance our ability to more closely align our
production of high-quality products with market demand," said
Don Kayne, President and CEO,
"We greatly value our employees and are committed to providing
family-supporting jobs and generating economic activity in the
region. We are pleased to be transforming the workplace for our
employees by providing a new, modern facility that will continue to
operate for generations," said Tony
Sheffield, President, Canfor Southern Pine.
"The expansion of Canfor is a strategic investment in the
community, sawmill industry and economy of South Alabama. As one of the most heavily
forested states in the nation, Alabama has ample opportunity to attract
significant new capital investment in the forest industry, and it's
apparent we're doing just that," said Governor Kay Ivey. "Mobile – and all of Alabama – has been proud to be the host of
Canfor's U.S. headquarters, and we look forward to seeing their
continued, nation-wide success after this highly-anticipated and
much-needed facility growth."
The new facility will replace the existing operation in the City
of Mobile. Following the construction and startup of the new
facility, an orderly wind down of the Mobile operation will be
undertaken. All current employees will have the opportunity to
remain with the Company.
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.
About Canfor Corporation
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, Arkansas and Louisiana, as well as in Sweden with 70% interest in 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