VANCOUVER, British Columbia, November 30, 2022 (GLOBE NEWSWIRE) — Western Forest Products Inc. (TSX: WEF) (“Western” or the “Company”) today announced that it will reduce its timber production to announced plans to temporarily reduce A reduction of approximately 20 million board feet is required to manage inventory levels in line with current market conditions.
This temporary reduction in wood production will be rolled out across our British Columbia manufacturing platform throughout December. Remanufacturing and shipping operations will continue uninterrupted, and timber production at the affected locations will resume in January 2023. We continue to assess market conditions to maintain a balance between production and demand.
About Western Forest Products
Western is a successful integrated forestry company in the global softwood market, building log and lumber businesses with a focus on profitability. With offices and employees located primarily on the coasts of British Columbia and Washington, Western is a premier supplier of high-value specialty forest products to markets around the world. Western has a sawn capacity of over 1 billion board feet from seven sawmills, four reclamation facilities and he operates two laminated timber manufacturing facilities. We source our wood from private lands, long-term licenses, First Nation arrangements and market purchases. Western complements its production through a wholesale program that offers customers a wide range of specialty products.
This press release may contain forward-looking statements under applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking statements. All statements made herein, other than statements of historical fact, may be forward-looking statements and may be subject to the use of words such as “plans”, “expects”, “intends”, “continues” , and can be identified by similar references to future periods. Forward-looking statements in this press release include, but are not limited to, statements regarding the duration of reductions and timing of resumption of wood production, plans for remanufacturing and shipping operations, inventory levels and market conditions. Although such statements reflect management’s current reasonable beliefs, expectations and assumptions, there is no assurance that the forward-looking statements will be accurate and actual results or performance may differ materially. Many factors could cause actual results or performance to vary materially. economic and financial conditions, changes in demand for our products, competitive and selling prices, natural disasters and severe weather; and other factors referenced in the Risks and Uncertainties section of MD&A in our 2021 Annual Report on February 16, 2022.
For more information, please contact:
|Inquiries from investors:||Media inquiries:|
|Stephen Williams||Babita Kunkun|
|Executive Vice President and Chief Financial Officer||Senior Director, Communications|
|(604) 648-4500||(604) 648-4562|
Western Forest Products Inc. Announces Temporary Production Cuts in British Columbia, Canadian Business Journal
Source link Western Forest Products Inc. Announces Temporary Production Cuts in British Columbia, Canadian Business Journal