Business
Coalition of U.S. Plywood Manufacturers File an Appeal in Trade Case Against Imported Hardwood Plywood from China
TRADING SYMBOL: Toronto Stock Exchange - HWD LANGLEY, BC , Jan. 21, 2014 /CNW/ - H...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\nTRADING SYMBOL: Toronto Stock Exchange - HWD\n\n\nLANGLEY, BC, Jan. 21, 2014 /CNW/ - Hardwoods Distribution Inc.\n (\"Hardwoods\" or the \"Company\") today announced that a coalition of U.S.\n plywood manufacturers (\"Petitioners\") filed a summons with the U.S.\n Court of International Trade to appeal the ruling that had dismissed\n their trade case against Chinese hardwood plywood.\n\n\nThe trade case was initiated on September 27, 2012 when Petitioners\n alleged that Chinese imports are sold in the United States at prices\n below cost and are subsidized by the Government of China.  After over a\n year of investigation, on November 5, 2013 the U.S. International Trade\n Commission ruled unanimously against the Petitioner's case.\n\n\nHardwoods strategy includes selling both imported and domestically\n produced hardwood plywood to satisfy the demand and diverse product\n preferences of its customers.  The Company estimates approximately 14%\n of its total sales are of product imported from China that fall within\n the scope of this trade dispute.\n\n\nHardwoods will closely follow the appeal process that has been initiated\n by Petitioners.  It is expected a ruling from the U.S. court system\n will take 18 to 24 months, and that no duty liabilities related to\n importing Chinese hardwood plywood would arise during that period of\n time.\n\n\nForward-Looking Statements \n\n\nCAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION\n\n\nThis news release includes forward-looking statements. These involve\n known and unknown risks, uncertainties and other factors that may cause\n actual results, performance or achievements or industry results to be\n materially different from any future results, performance or\n achievements expressed or implied by such forward-looking statements.\n These forward-looking statements are identified by the use of terms and\n phrases such as \"anticipate\", \"believe\", \"estimate\", \"expect\", \"may\",\n \"plan\", \"will\", and similar terms and phrases, including references to\n assumptions. Such statements may involve, but are not limited to: the\n Company estimates approximately 14% of its total sales are of product\n imported from China that fall within the scope of this trade dispute;\n that Hardwoods will closely follow the appeal process that has been\n initiated by Pet...