Business
Western Forest Products Receives US$109.6 million Softwood Lumber Duty Refund
Western Forest Products Receives US$109.6 million Softwood Lumber Duty Refund.
About this update from Western Forest Products Inc.
[{"type":"text","content":"\n\n\n\n\nTSX: WEF\n\nDUNCAN, BC, Nov. 24 /CNW/ - Western Forest Products Inc. (TSX: WEF) today\nannounced that it has received US$109.6 million with respect to the refund of\nsoftwood lumber countervail and anti-dumping duty deposits made to U.S.\nCustoms since May 2002. The refund represents substantially all of the\nCompany's entitlement under the new Canada/U.S. Softwood Lumber Agreement. The\nCompany received the funds from Export Development Canada using the mechanism\nestablished under the Softwood Lumber Agreement.\nReynold Hert, President and CEO commented, \"The receipt of these funds\npermits us to strengthen our balance sheet and reduce our debt service cost by\npaying down US$88.0 million of our long-term debt. We will retain the balance\nof US$21.6 million for working capital purposes as permitted under our debt\nagreement while we review options that may enable us to pay down further debt\nwhile maintaining liquidity.\"\n\nWestern Forest Products\nWestern is an integrated Canadian forest products company and the largest\ncoastal British Columbia woodland operator and lumber producer with an Annual\nAllowable Cut of approximately 7.7 million cubic meters (before temporary AAC\nreductions) of timber and lumber capacity in excess of 1.5 billion board feet\nfrom nine sawmills and five remanufacturing plants. Principal activities\nconducted by the Company and its subsidiaries include timber harvesting,\nreforestation, sawmilling logs into lumber and wood chips, and value-added\nremanufacturing. Substantially all of Western's logging is conducted on\ngovernment owned timberlands in British Columbia. All of Western's operations,\nemployees and corporate facilities are located in the coastal region of\nBritish Columbia while its products are sold in over 20 countries worldwide.\n\nForward Looking Statements and Information\nThis press release contains forward-looking statements and\nforward-looking information within the meaning of applicable securities law.\nThose statements and information include statements or information regarding\nthe intent, belief or current expectations of Western and its use of the\nproceeds of the refund from the softwood lumber countervail and anti-dumping\nduty deposits made to U.S. Customs. Such statements or information may be\nindicated by words such as \"approximately\", \"will\", \"may\" ...