VANCOUVER, BC, Aug. 9, 2022
/CNW/ - West Fraser Timber Co. Ltd. ("West Fraser" or the
"Company") (TSX and NYSE: WFG) announced today
it is permanently curtailing approximately 170 million board feet
of combined production at its Fraser
Lake and Williams Lake
sawmills and approximately 85 million square feet of plywood
production at its Quesnel Plywood mill. The curtailments will
be realized through the elimination of one shift at each
facility.
The reduction in capacity is expected to impact 77 positions at
Fraser Lake Sawmill, 15 positions at Williams Lake Lumber, and 55
positions at Quesnel Plywood and will occur over the course of the
fourth quarter of 2022. The Company expects to mitigate the
impact on effected employees by providing work opportunities at
other West Fraser operations.
Access to available timber is an increasing challenge in
British Columbia and ongoing
transportation constraints have impaired the Company's ability to
reliably access markets. These capacity reductions are
necessary to better align West Fraser's operating capacity with
available timber and transport availability.
About West Fraser
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 remodelling, industrial applications,
papers, tissue, and box materials. For more information about West
Fraser, visit: westfraser.com
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 those relating to changes in the Company's British Columbia operating plan as well as
related workforce reductions and our ability to mitigate the impact
on effected employees. Any such forward-looking statements
are based on information currently available to us and are based on
assumptions and analyses made by us considering our experience and
our perception of historical trends and current conditions,
including our assessment of the availability of fibre supply,
policies restricting access to fibre and transport availability, in
British Columbia and are subject
to inherent risks and uncertainties. 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, 2021, each
dated February 15, 2022, as updated
in our management's discussion and analysis for the six months
ended June 30, 2022, dated
July 27, 2022, each 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. Except
as may be required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking statements.
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SOURCE West Fraser Timber Co. Ltd.