VANCOUVER, BC, Aug. 31,
2022 /CNW/ - Canfor Corporation (TSX: CFP) is
announcing reduced operating schedules effective September 12, 2022 at its Swedish facilities due
to a decrease in market demand. The reduced operating schedules
will result in a 15% decrease in production capacity and are
anticipated to be in effect through the fourth quarter.
"Rising inflation and mortgage rates in Europe, which are expected to persist into the
fall, is impacting demand for lumber and as a result we are
reducing production capacity. We are committed to continuing to
meet the needs of our customers," said Don
Kayne, President and CEO, Canfor.
The decrease in production capacity will be achieved through
reduced shifts. The Company will continue to assess and make
adjustments to operating schedules based on changes in market
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