VANCOUVER, BC, March 30,
2022 /CNW/ - Today Canfor Corporation (TSX: CFP)
announced that it will implement reduced operating schedules at its
Western Canadian sawmills effective April 4,
2022 due to the cumulative effects of the unprecedented
global supply chain crisis that has been ongoing for several
months. The reduced operating schedules will remain in effect for a
minimum of four weeks and the Company will continue to assess and
make adjustments to operating schedules as supply chain conditions
evolve.
"We are experiencing extreme supply chain challenges that are
significantly impacting our operations and it has become imperative
to reduce operating schedules to address our unsustainable
inventory levels. We regret the impact that the reduced operating
schedules will have on our employees, contractors and communities
and we will make efforts to mitigate the negative effects," said
Don Kayne, President and CEO,
Canfor. "We will continue to leverage our global operating platform
to minimize disruptions in supply to our customers."
It is anticipated that the reduced operating schedules will
impact production capacity by a minimum of 100 million board
feet.
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", "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