Interfor Announces Temporary Production Curtailments in Q4’22
October 20 2022 - 5:00PM
INTERFOR CORPORATION (“Interfor” or the “Company”)
(TSX: IFP) announced plans to reduce its lumber production output
in the fourth quarter of 2022 by approximately 200 million board
feet, or 17% of quarterly capacity, as current economic conditions
and market uncertainty have led to reduced lumber demand. This
temporary reduction in output is expected to be spread across each
of the Company’s operating regions, primarily timed around U.S.
Thanksgiving and Christmas holiday periods, and used to accelerate
ongoing capital and maintenance projects.
The Company’s lumber inventories are currently within normal
volume parameters, and these plans are expected to maintain the
balance between production and market demand through the remainder
of 2022. The Company currently expects to resume its normal
operating schedule in January 2023, but will closely monitor market
conditions and adjust its production plans accordingly.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking information about the
Company’s business outlook, economic and market conditions, lumber
demand, lumber prices, strategic priorities and other information
that is not historical fact. A statement contains forward-looking
information when the Company uses what it knows and expects today,
to make a statement about the future. Statements containing
forward-looking information in this release, include but are not
limited to, statements regarding production, production capacity,
lumber prices, capital and maintenance projects, and other relevant
factors. Readers are cautioned that actual results may vary from
the forward-looking information in this release, and undue reliance
should not be placed on such forward-looking information. Risk
factors that could cause actual results to differ materially from
the forward-looking information in this release are described in
Interfor’s annual Management’s Discussion & Analysis under the
heading “Risks and Uncertainties”, which is available on
www.interfor.com and under Interfor’s profile on www.sedar.com.
Material factors and assumptions used to develop the
forward-looking information in this report include volatility in
the selling prices for lumber, logs and wood chips; the Company’s
ability to compete on a global basis; the availability and cost of
log supply; natural or man-made disasters; currency exchange rates;
changes in government regulations; Indigenous reconciliation; the
Company’s ability to export its products; the softwood lumber trade
dispute between Canada and the U.S.; environmental impacts of the
Company’s operations; labour disruptions; information systems
security; and the existence of a public health crisis. Unless
otherwise indicated, the forward-looking statements in this release
are based on the Company’s expectations at the date of this
release. Interfor undertakes no obligation to update such
forward-looking information or statements, except as required by
law.
ABOUT INTERFOR
Interfor is a growth-oriented forest products company with
operations in Canada and the United States. The Company has annual
lumber production capacity of approximately 4.7 billion board feet
and offers a diverse line of lumber products to customers around
the world. For more information about Interfor, visit our website
at www.interfor.com.
Investor Contacts:
Rick Pozzebon, Executive Vice President & Chief Financial
Officer(604) 689-6804
Mike Mackay, Vice President of Corporate Development &
Strategy (604) 689-6846
Media Contact:
Svetlana Kayumova, Senior Manager, Corporate Affairs &
Communications(604)
422-7329svetlana.kayumova@interfor.com
Interfor (TSX:IFP)
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