VANCOUVER, BC, April 21,
2022 /CNW/ - Canfor Corporation (TSX: CFP) is pleased
to announce it will invest approximately $130 million USD to significantly upgrade and
expand its sawmill and planer facility located in Urbana in
Union County, Arkansas. The
investment will capitalize on the abundant supply of high-quality
fiber to enhance the manufacturing of high-value products, increase
annual production at the facility by 115 million board feet, and
result in a meaningful reduction in the facility's cost structure.
The investment aligns with Canfor's growth and diversification
strategy to keep pace with growing customer demand.
"We are excited to be investing in our Urbana facility with
state-of-the-art technology to modernize the work environment for
our valued employees and significantly increase our ability to
produce sustainable wood products that will meet the growing needs
of our customers," said Don Kayne,
President and CEO, Canfor.
"With more than 19 million acres of forestland and a ready-made
labor force, timber plays an important role in the Arkansas economy," Governor Asa Hutchinson said. "It is only natural that
Canfor chose to expand their operations in Urbana and invest in the
workforce and the community."
"I am pleased that Canfor has decided to invest in its Urbana
mill," Arkansas Secretary of
Commerce Mike Preston said.
"Arkansas has abundant natural
resources and skilled labor in the timber industry that will help
Canfor meet the growing demands of its customers."
The upgrades include major improvements to the planer, sawmill
and log yard and are expected to commence in the third quarter of
2022 and will take approximately 18 months to complete. The
facility will continue to operate while the modernization project
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