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WEST FRASER ANNOUNCES CLOSURE OF MAXVILLE SAWMILL AND INDEFINITE CURTAILMENT OF HUTTIG SAWMILL
WEST FRASER ANNOUNCES CLOSURE OF MAXVILLE SAWMILL AND INDEFINITE CURTAILMENT OF HUTTIG SAWMILL ...
About this update from West Fraser Timber Co. Ltd.
[{"type":"text","content":"\n \n \n \n WEST FRASER ANNOUNCES CLOSURE OF MAXVILLE SAWMILL AND INDEFINITE CURTAILMENT OF HUTTIG SAWMILL\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Jan. 9, 2024\n \n \n /CNW/ - West Fraser Timber Co. Ltd. (\"West Fraser\" or the \"Company\") (TSX and NYSE: WFG) announced today that it will close its sawmill in\n \n Maxville, Florida\n \n and indefinitely curtail operations at its sawmill in\n \n Huttig, Arkansas\n \n by the end of this month. Today's decision is the result of high fiber costs and soft lumber markets.\n \n \n The closure of Maxville Sawmill will impact approximately 80 employees, while the indefinite curtailment of\n \n Huttig\n \n will impact 140 employees. In aggregate this will reduce West Fraser's U.S. lumber capacity by approximately 270 million board feet. West Fraser expects to mitigate the impact on affected employees by providing work opportunities at other company operations.\n \n \n High fiber costs at\n \n Maxville\n \n and the current low-price commodity environment have impaired the ability of both mills to profitably operate. The closure of\n \n Maxville\n \n and the indefinite curtailment of the\n \n Huttig\n \n sawmill better aligns our U.S. lumber capacity with demand.\n \n \n West Fraser anticipates taking restructuring and impairment charges of approximately\n \n $50 million\n \n in the fourth quarter of 2023 associated with this announcement.\n \n \n \n About West Fraser\n \n \n \n West Fraser is a diversified wood products company with more than 60 facilities in\n \n Canada\n \n ,\n \n the United States\n \n , the\n \n United Kingdom\n \n , and\n \n Europe\n \n . From responsibly sourced and sustainably managed forest resources, the Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals, and renewable energy. West Fraser's products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials. For more i...