VANCOUVER, BC, May 26, 2022
/CNW/ - Canfor Corporation (TSX: CFP) is announcing the
continuation of reduced operating schedules at its Western Canadian
sawmills due to the ongoing global supply chain challenges. The
Company has been operating at approximately 80% of production
capacity since late March 2022.
In addition, the Company will be implementing two weeks of
rotating downtime across its primary sawmills in July and August,
which will help align production capacity with the sustainable
timber supply and transportation availability. The Company will use
this downtime to complete maintenance projects and other site
activities to help mitigate the impact on employees.
These capacity reductions are expected to result in an
incremental impact of approximately 275 million board feet by the
end of August, in addition to the 100 million board feet reduction
previously announced on March
"The global supply challenges are continuing to significantly
limit our ability to transport products to our customers and our
inventory levels remain very high. We are working to bring our
inventory levels back into balance by reducing our production,
while also working to meet the needs of our customers," said
Don Kayne, President and CEO,
The Western Canadian sawmills are anticipated to resume normal
operating schedules following their respective summer downtime. The
Company will continue to assess and make adjustments to operating
schedules as supply chain conditions evolve.
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