VANCOUVER, British Columbia, June 06, 2019 (GLOBE NEWSWIRE) -- Western Forest Products Inc. (TSX: WEF) (“Western” or the “Company”) announced today temporary production curtailments at three of its sawmills to align production volumes to match current customer demand. Western will curtail its Duke Point sawmill for two weeks and its Saltair sawmill for one week in June. The Company will also reduce operating levels from 120 hours per week to 80 hours per week at its Chemainus sawmill.
“The temporary production curtailments are necessary due to challenging market conditions,” said Don Demens, Western’s President and CEO. “The challenge of weak markets is compounded by the disproportionate impacts of softwood lumber duties on high value products, including Western Red Cedar.”
The curtailment is expected to reduce production by approximately 15 million board feet. Western has an annual lumber capacity in excess of 1.1 billion board feet.
About Western Forest Products Inc.
Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.1 billion board feet from eight sawmills and four remanufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.
Forward-looking Statements
This press release contains statements that may constitute forward-looking statements under the applicable securities laws. Readers are cautioned against placing undue reliance on forward-looking statements. All statements herein, other than statements of historical fact, may be forward-looking statements and can be identified by the use of words such as “will”, “expect” and similar references to future periods. Although such statements reflect management’s current reasonable beliefs, expectations and assumptions, there can be no assurance that forward-looking statements are accurate, and actual results or performance may materially vary. Many factors could cause our actual results or performance to be materially different, including a change in the Company’s financial situation, general economic conditions and other factors referenced under the “Risks and Uncertainties” section of our MD&A in our 2018 Annual Report dated February 12, 2019. The foregoing list is not exhaustive, as other factors could adversely affect our actual results and performance. Forward-looking statements are based only on information currently available to us and refer only as of the date hereof. Except as required by law, we undertake no obligation to update forward-looking statements.
For further information, please contact:
Stephen Williams,
Executive Vice President & Chief Financial Officer
(604) 648-4500