VANCOUVER, BC, Dec. 5, 2022
/CNW/ - Canfor Corporation (TSX: CFP) is announcing a temporary
reduction in Canadian production due to very weak market
conditions. The production will be reduced through curtailments at
all solid wood facilities in B.C. and Alberta. This will remove approximately 150
million board feet in December and January. The curtailments will
start to be implemented on December 19, 2022 and will range
from one to four weeks across its Canadian operations. The Company
will continue to adjust operating rates to align with market
conditions and anticipates that the majority of its BC facilities
will operate below full capacity in the New Year.
"Due to the significant decrease in demand for solid wood
products and challenging economic conditions, we are temporarily
curtailing production in Canada.
We will be working to mitigate the impacts on our employees by
providing support and identifying meaningful work during the
downtime," said Don Kayne, President
and CEO, Canfor.
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