VANCOUVER, BC, Sept. 8, 2021 /PRNewswire/ - West Fraser
Timber Co. Ltd. ("West Fraser" or the "Company") (TSX
and NYSE: WFG) has declared today a quarterly dividend of
C$0.25 per share and is providing the
following update on operating conditions through the end of
August 2021. The Company will provide
a further update as part of its third quarter earnings release
scheduled for October 27 and does not
anticipate providing another update before then.
Dividend
The Board of Directors of the Company has declared a quarterly
dividend of C$0.25 per share on the
Common shares and Class B Common shares in the capital of the
Company, payable on October 5, 2021
to shareholders of record on September 23, 2021.
Dividends are designated to be eligible dividends pursuant to
subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial
legislation pertaining to eligible dividends.
Operational Update
Due to wildfires in British
Columbia, slowing orders for forest products, constraints on
the availability of resins used in the manufacture of panel
products, transportation service interruptions and overall
inventory levels, West Fraser has adjusted output at its British
Columbia SPF, US South SYP, North American OSB and Canadian plywood
facilities by between 5% and 10% of available capacity over the
first two months of the third quarter of 2021.
West Fraser has reduced operating schedules at multiple
locations and anticipates reduced operating rates through the
remainder of the third quarter, depending on inventory levels,
economic log supply, fire and other weather conditions,
availability of labour due to the continuing impacts of COVID-19,
availability of raw materials and transportation resources and
customer needs.
The Company
West Fraser is a diversified wood products company with more
than 60 facilities in Canada,
the United States, the
United Kingdom, and Europe. From responsibly sourced and
sustainably managed forest resources, the Company produces lumber,
engineered wood products (OSB, LVL, MDF, plywood, and
particleboard), pulp, newsprint, wood chips, other residuals and
renewable energy. West Fraser's products are used in home
construction, repair and remodeling, industrial applications,
papers, tissue, and box materials.
Forward-Looking Statements
This news release contains forward-looking information or
forward-looking statements (collectively, "forward-looking
statements") within the meaning of applicable securities laws,
including reductions to operating schedules and future production
adjustments. Any such forward-looking statements are based on
information currently available to us and are based on assumptions
and analyses made by us in light of our experience and our
perception of historical trends and current conditions. Readers
should also refer to the risk factors set forth in the Company's
annual information form and management's discussion and analysis
for the year ended December 31, 2020,
each dated February 11, 2021,
available at SEDAR (www.sedar.com) and EDGAR
(www.sec.gov/edgar.shtml). There can be no assurance that the
plans, intentions or expectations upon which forward-looking
statements are based will be realized. Actual results may differ,
and the difference may be material and adverse to the Company and
its shareholders.
View original
content:https://www.prnewswire.com/news-releases/west-fraser-declares-dividend-and-provides-operational-update-301371902.html
SOURCE West Fraser Timber Co. Ltd.