Business
West Fraser Will Support Implementation of Softwood Lumber Agreement
West Fraser Will Support Implementation of Softwood Lumber Agreement.
About this update from West Fraser Timber Co. Ltd.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Aug. 21 /CNW/ - West Fraser Timber Co. Ltd. announced that it\nhas today advised the Government of Canada that it would take steps to permit\nthe implementation of the Softwood Lumber Agreement negotiated between Canada\nand the United States. In its notice, West Fraser confirmed that it has \"had\nserious reservations about both the substance of the (Softwood Lumber\nAgreement) and the process by which it has been developed\" but confirmed that\nif certain conditions are met it will participate in the Agreement's\nimplementation, including terminating certain outstanding litigation.\nHank Ketcham, Chairman, President and CEO of West Fraser stated: \"Over\nthe past several years we, along with other industry and government\nrepresentatives, have worked very hard to achieve a resolution to this dispute\nthat will be long lasting. The Government of Canada has advised us that this\nAgreement is the best that can be achieved at this time and, although it falls\nshort of what we had hoped for, we believe that on balance our interests, and\nthose of our shareholders, employees and other stakeholders, are best served\nby participating in its implementation.\"\nWest Fraser's commitment is subject to conditions including satisfaction\nwith the forms of final documentation and similar commitments being made by\ncompanies representing not less than 95% of all duty deposits.\nMr. Ketcham also recognized the efforts of the Province of British\nColumbia. \"Without the steadfast support and leadership of Premier Gordon\nCampbell, we would have faced a much more difficult future.\"\n\nWest Fraser is an integrated forest products company that produces\nlumber, LVL, MDF, plywood, pulp, linerboard, kraft paper and newsprint. The\nCompany has manufacturing operations in British Columbia, Alberta and the\nsouthern United States. West Fraser has approximately 6,900 employees and is\nheadquartered in Vancouver, British Columbia.\n\n>\n%SEDAR: 00002660E\n\n\n","length":2138,"tagName":"div"}]