VANCOUVER, BRITISH COLUMBIA -- 06/10/08 --
Canfor Corporation (TSX: CFP) announced today the indefinite closure of its Mackenzie sawmill in an effort to minimize operating losses during this period of prolonged poor lumber markets and ongoing production curtailments. Canfor will adjust production schedules at its other operations in British Columbia and Alberta to recover the lost SPF lumber production.
The sawmill operations will cease on June 12th and the planer will operate for an additional two weeks to process existing rough inventory.
Approximately 200 employees will be impacted by the decision, a majority of which will be indefinitely laid off. The mill produces 176 million board feet of lumber on an annualized basis at current operating rates.
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", "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 the Company 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 manufacturing facilities in BC, Alberta, Quebec, Washington state, and North and South Carolina. The company is the largest producer of softwood lumber in Canada while also producing oriented strand board (OSB), plywood, remanufactured lumber products and specialized wood products. Canfor also owns a 50.2% interest in Canfor Pulp Limited Partnership, which is one of the largest producers of northern softwood kraft pulp in Canada and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange (TSX: CFP).
Contacts:
Canfor Corporation - Media Contact
Lee Coonfer
Manager, Public Affairs & Corporate Communications
(604) 661-5225
Email: Lee.Coonfer@canfor.com
Canfor Corporation - Investor Contact
Patrick Elliott
Treasurer
(604) 661-5441
Email: Patrick.Elliott@canfor.com
