Canfor Corporation · TSX:CFP
Canfor — Investor Day (May 2005)
91 slides from Canfor's investor day presentation, May 12, 2005
Slide 1: Analyst Conference May 12 & 13, 2005
Analyst Conference May 12 & 13, 2005 Panels
Slide 2: Forward-looking statements
Certain statements in this presentation, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ
Slide 3: PolarBoard OSB
C O R P O R A T I O N C A N F O R PolarBoard OSB May 12, 2005 FILE_# PAGE 1
Slide 4: PolarBoard OSB
PolarBoard OSB Built in 1995/96 ! Single line mill – 2 Waferizer lines (added 3rd Waferizer 2004) – 2 Drum dryers (added larger diameter drums 2005) – Dieffenbacher 10 Opening Press (added 2 openings 2001) ! Original design capacity 420,000 Msf 3/8 Non-Union plant ! 120 hourly ! 22 salaried Primary
Slide 5: Safety Performance YTD 2005
Safety Performance Medical Incident Rate 4 3.27 2.54 2.39 2 0 2003 2004 YTD 2005 # of injuries x 200,000/man-hours FILE_# C A N F O R C O R P O R A T I O N PAGE 3
Slide 6: PolarBoard OSB: Strengths
PolarBoard OSB: Strengths Achieving value from fibre basket ! High grade yields (99% A-Grade panels) ! High quality Aspen fibre basket ! Top quartile in manufacturing cost (Becks 2002) ! Increased productivity from 1,289 Msf 3/8 /day in 1999 to 1,478 Msf 3/8 /day in 2004 ! 2005 Plan average 1,741 Ms
Slide 7: Fort Nelson Timber Supply Area
Fort Nelson Timber Supply Area FILE_# C A N F O R C O R P O R A T I O N PAGE 5
Slide 8: Fort Nelson Timber Supply Area
Fort Nelson Timber Supply Area Timber supply area comprises approximately 10.5 million ha. FILE_# C A N F O R C O R P O R A T I O N PAGE 6
Slide 9: Fort Nelson Woodlands Operations
Fort Nelson Woodlands Operations 26,000 truck loads Woodlands Timber Base 1,500,000 m3 Tackama Plywood Tackama Sawmill PolarBoard 500,000 m3 200,000 m3 800,000 m3 Spruce/Aspen Spruce/Pine Aspen Products: Products: Products: 270,000 msf 3/8 Plywood 54,000 mfbm stud lumber 650,000 msf 3/8 OSB 760 Rail
Slide 10: Deciduous for OSB and Peelers for plywood
Deciduous for OSB and Peelers for plywood FILE_# C A N F O R C O R P O R A T I O N PAGE 8
Slide 11: Cut to length logs for both OSB and Plywood
Cut to length logs for both OSB and Plywood FILE_# C A N F O R C O R P O R A T I O N PAGE 9
Slide 12: Woodlands
Woodlands ! Logging – Season December – March – 110 days – 1,500,000 m3 – 26,000 truckloads – Up to 350 trucks per day – Spend in excess of $65 million FILE_# C A N F O R C O R P O R A T I O N PAGE 10
Slide 13: PolarBoard OSB
PolarBoard OSB FILE_# C A N F O R C O R P O R A T I O N PAGE 11
Slide 14: PolarBoard OSB
PolarBoard OSB ! Annual Panel Production to 650,000 Msf 3/8 by 2006 – Major Markets 20% Canada, 80% USA – Major Customers - Blue Linx, Weyerhaueser, Taiga ! Plans – Product diversification – Grow production levels FILE_# C A N F O R C O R P O R A T I O N PAGE 12
Slide 15: Capital
Capital Financial ! Recent addition of 3rd Waferizer in 2004, $4.5 million ! Completed Production Increase Project 2004/05 $25.6 million ! Full Run rate projected October 2005 Human capital ! Non-Union workforce ! Team concept ! Experienced project manager/project team FILE_# C A N F O R C O R P O R
Slide 16: Production Increase Project
Production Increase Project 650 Production Increase Project: ! Modify Log Ponds ! Add 3rd Waferizer ! Replace 5.4m diameter Dryers with 5.8m diameter ! Added EFB (electrostatic filter bed) modules ! Improved Air emissions ! Waste recovery system to increase PRF ! New resin blender ! Forming Line FIL
Slide 17: Driving to Top Quartile
Driving to Top Quartile 2005 2006 2001 2002 2003 2004 Fcast Fcast Production (Msf 3/8 /hr) 1,421 1,457 1,468 1,478 1,741 1,926 PRF (msf 3/8 /m3) .641 .638 .639 .642 .700 .720 High Grade (%) 99% 99% 99% 99% 99% 99% Margin-added (%) 16% 30% FILE_# C A N F O R C O R P O R A T I O N PAGE 15
Slide 18: Production
Production 800,000 600,000 Msf 3/8 400,000 200,000 2005 2006 2007 1998 1999 2000 2001 2002 2003 2004 Forecast Forecast Forecast Msf 3/8 392,639 433,259 428,593 475,217 497,631 497,711 512,589 570,885 650,000 700,000 FILE_# C A N F O R C O R P O R A T I O N PAGE 16
Slide 19: Summary
Summary By year-end 2005, PolarBoard OSB will achieve: ! Maintain Top quartile cost ! World Class size ! 10% reduction in conversion costs ! 30% increase in capacity ! Full capital utilization ! Increased margin-added production FILE_# C A N F O R C O R P O R A T I O N PAGE 17
Slide 20: Mill Tour of PolarBoard OSB
C O R P O R A T I O N C A N F O R Mill Tour of PolarBoard OSB FILE_# PAGE 18
Slide 21: Canfor Quesnel
C O R P O R A T I O N C A N F O R Canfor Quesnel May 12, 2005 FILE_# PAGE 1
Slide 22: Our History
Our History… ! 1950’s – first sawmill constructed on this site. Originally Sword and Kerr, other owners included Tubafour Stud Mill, Tri-Pac Studs and Triangle Pacific. ! 1979 – Slocan Forest Products acquires mill. ! 1987 – Slocan purchases the assets of Weier’s sawmill, later to be known as both “
Slide 23: Employees
Employees ! Hourly - IWA Union 256 ! Production Salaried 27 ! Woodlands Salaried 15 ! TOTAL 298 FILE_# C A N F O R C O R P O R A T I O N PAGE 3
Slide 24: Safety Performance
Safety Performance Medical Incident Rate Lost Time Frequency 18 6 16 5 14 12 4 10 3 8 6 2 4 1 2 0 0 2005 2005 2003 2004 2002 2003 2004 YTD YTD M.I.R 16.7 8.97 4.95 L.T.F.'s 5.32 4.79 2.76 1.98 FILE_# C A N F O R C O R P O R A T I O N PAGE 4
Slide 25: Production Facts
Production Facts ! Two Sawmill lines ! Two Planer lines ! Two MSR machines ! Five natural gas fired dry kilns ! Primary Products: – 2X4 / 2X6 6 – 16ft – J-Grade, MSR 2100 and 1650, 2 & Btr FILE_# C A N F O R C O R P O R A T I O N PAGE 5
Slide 26: Markets
Markets 20% - Canada 75% - United States 5% - J-Grade to Japan FILE_# C A N F O R C O R P O R A T I O N PAGE 6
Slide 27: Current Operating Statistics
Current Operating Statistics ! Annual Lumber Production 395,000 mfbm ! Lumber Recovery 285 fbm/m3 ! Log Consumption 1,387,100 m3 ! Chip Production 194,000 ODT’s FILE_# C A N F O R C O R P O R A T I O N PAGE 7
Slide 28: 2005/06 Planned Log Deliveries
2005/06 Planned Log Deliveries Quota Wood Purchase Wood Total 780,000 607,100 1,387,100 Quota Annual Allowable Cut (AAC) = 547,200 * * Higher due to undercuts. FILE_# C A N F O R C O R P O R A T I O N PAGE 8
Slide 29: Current Canfor Tenures
Current Canfor Tenures ! FL A20011 (replaceable license) - 382,200 m3 – Currently undercut by about 300,000 m3 ! FL A67546 (non-replaceable license) – 140,000 m3 – Expires Dec 31, 2006 – Requesting license be extended another 5 yrs with an additional 700,000 m3 ! FL A75167 (non-replaceable license)
Slide 30: Lumber Production
Lumber Production mfbm Note: 2003 production loss due to sawmill upgrade construction. 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 1980 1985 1990 1995 2000 2002 2003 2004 2005 FORECAST FILE_# C A N F O R C O R P O R A T I O N PAGE 10
Slide 31: Lumber Recovery Factor
Lumber Recovery Factor mfbm 300 250 200 150 100 50 0 1980 1985 1990 1995 2000 2002 2003 2004 2005 FORECAST Note: Division recovery – a blend of Specialty Mill and A Mill. Specialty mill avg. recovery = 240 2003 loss in LRF due to sawmill upgrade construction. FILE_# C A N F O R C O R P O R A T I O N
Slide 32: Log consumption
Log consumption m3 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 1980 1985 1990 1995 2000 2002 2003 2004 2005 FORECAST Note: 2003 production loss due to sawmill upgrade construction. FILE_# C A N F O R C O R P O R A T I O N PAGE 12
Slide 33: Planer out turns
Planer out turns 2005 YTD 18.1 Utility and 2004 20.8 Economy 2003 27.6 2005 YTD 45.6 2&BTR 2004 46.0 2003 43.2 Premium (J- 2005 YTD 36.3 Grade, MSR, 2004 33.2 S.Stud 2003 29.2 FILE_# C A N F O R C O R P O R A T I O N PAGE 13
Slide 34: Major Capital Improvements
Major Capital Improvements ! 1986 – planer upgrade (planer, sorter and MSR machine) ! 1987 – sawmill upgrade (Ukiah Edgers and scragg saw rebuild) ! 1994 – sawmill upgrade – (Newnes Optimized Edgers, new lumber sorter and optimized trim system) ! 2003 - $35M rebuild of sawmill and planer. Highlights
Slide 35: Benefits from Major Capital Expenditure
Benefits from Major Capital Expenditure BEFORE POST CAP. BEST MONTH AFE CAP. EX. 2002 EX. 2005 IN 2005 TARGET YTD 38 70 62 67 SAWMILL PROD. MFBM/HR PLANER PROD. MFBM/HR 35 70 64 69 LRF (FBM/M3) 267 280 287 291 CHIP RECOVERY (ODT’S/M3) 0.155 0.137 0.156 0.160 CLS & BTR% 77.6% 81.0% 81.9% 82.8% PREMIU
Slide 36: Upcoming Opportunities
Upcoming Opportunities ! Planer Optimizer ! Energy System for the kilns ! Rail Spur Expansion ! Log Yard improvements to reduce log handling costs ! Mobile Equipment rationalization FILE_# C A N F O R C O R P O R A T I O N PAGE 16
Slide 37: Strengths of the Quesnel Division
Strengths of the Quesnel Division ! Relatively low cost, consistent and abundant log supply ! Modern and efficient manufacturing facility ! High lumber recovery ! Stable, well trained labour force ! Located on major transportation corridors (CN mainline and Highway 97) FILE_# C A N F O R C O R P O R
Slide 38: Mill Tour Questions?
Mill Tour Questions? FILE_# C A N F O R C O R P O R A T I O N PAGE 18
Slide 39: Wood Products Marketing
C O R P O R A T I O N C A N F O R Wood Products Marketing Don Kayne Vice President, Wood Products Marketing & Sales May 13, 2005 FILE_# PAGE 1
Slide 40: Canfor Marketing: building on a growth platform
Canfor Marketing: building on a growth platform Financial & Market Performance 1. Build on a growth platform 2. 3. Be “values” Differentiate & customer across the value driven supply chain 4. 5. Grow with Broaden the market growth- marketing leaders strategy FILE_# C A N F O R C O R P O R A T I O N
Slide 41: 1. Build on a solid growth platform
1. Build on a solid growth platform Financial & Market Performance 1. Build on a growth platform FILE_# C A N F O R C O R P O R A T I O N PAGE 3
Slide 42: A solid platform for continued wood products growth
A solid platform for continued wood products growth Fibre Dominant in SPF + supply from Europe & Baltics Leader in fibre management Mills Competitive in scale & technology Products Premium lumber (J-grade, square-edge, MSR) for target markets Expanded panels mix Delivery Canfor-managed s
Slide 43: Wood Product's core business: Housing
Wood Product’s core business: Housing Canfor produces about 90% of the materials required for new home construction. Canfor produces: • MSR Opportunities: • fascia • FJ studs • LVL • studs • I joists • dimension • PSL • plywood 10% of the • OSB house 90% of the house FILE_# C A N F O R C O R P O R A
Slide 44: Housing—an expanding opportunity
Housing—an expanding opportunity The typical house has changed dramatically 2800 square feet of floor space 9 & 10 foot ceilings (cubic feet) 22,000 board feet of lumber 16,000 square feet of panels 7300 linear feet of EWP A mix of products & framing systems FILE_# C A N F O R C O R P O R A T I O N
Slide 45: Next 5 years — positive signals on the demand side
Next 5 years — positive signals on the demand side US Asia Demographic Household formation driven Changing lifestyles and demand by minorities & immigration household formation Baby boomer affluence Growing affluence Housing Bigger homes (cubic basis) Better living space demand Energy efficient, bet
Slide 46: Next 5 years — supply side risks appear manageable
Next 5 years — supply side risks appear manageable North America Offshore Supply Constrained supply in Eastern European Sources Eastern Canada supply is becoming Some growth in US supply “tapped out” Growing interest in Eastern Russian supply Major Risks Exchange rates Fast-growth fiber Competitor c
Slide 47: 2. Be true to our values and the value we create
2. Be true to our “values” and the value we create Financial & Market Performance 2. Be “values” & customer value driven FILE_# C A N F O R C O R P O R A T I O N PAGE 9
Slide 48: Key drivers: corporate values and customer value
Key drivers: corporate “values” and customer value FILE_# C A N F O R C O R P O R A T I O N PAGE 10
Slide 49: Our customers want to know we deliver and we care
Our customers want to know we deliver and we care Tangibles Intangibles Value creation is shifting to meeting the intangibles a customer wants Product Supply Chain Branding Technology & Customer Corporate Knowledge Relationships Values FILE_# C A N F O R C O R P O R A T I O N PAGE 11
Slide 50: Our customers want a broader product offering
Our customers want a broader product offering Customers say they would gain value from a broader product offering from Canfor, such as: • Engineered wood products (LVL, LSL, I-joists) • More OSB • More Plywood • Building systems (components) • Joinery, metrics, lamination, flooring FILE_# C A N F O
Slide 51: Our customers want a higher level of quality & reliability
Our customers want a higher level of quality & reliability FILE_# C A N F O R C O R P O R A T I O N PAGE 13
Slide 52: 3. Invest in supply chain differentiation
3. Invest in supply chain differentiation Financial & Market Performance 3. Differentiate across the supply chain FILE_# C A N F O R C O R P O R A T I O N PAGE 14
Slide 53: Canfor continually pursues supply chain efficiencies
Canfor continually pursues supply chain efficiencies FILE_# C A N F O R C O R P O R A T I O N PAGE 15
Slide 54: Canfor continually invests, through partnerships
Canfor continually invests, through partnerships, in . . Supply Chain Management Transportation Customer order fulfillment Vendor-managed inventory Inventory control Market Management Branding Merchandising Customer Knowledge FILE_# C A N F O R C O R P O R A T I O N PAGE 16
Slide 55: 4. Align with growth markets and market leaders
4. Align with growth markets and market leaders Financial & Market Performance 4. Grow with market growth- leaders FILE_# C A N F O R C O R P O R A T I O N PAGE 17
Slide 56: Canfor's channel base is diversified
Canfor’s channel base is diversified Home Centre Pro Dealer Industrial Offshore 15-20% 30-35% 20-25% 10-15% Wholesale 15-20% FILE_# C A N F O R C O R P O R A T I O N PAGE 18
Slide 57: Canfor's channel base is dynamic
Canfor’s channel base is dynamic Home Centre Pro Dealer Industrial Offshore • Global • Consolidation • Builder • 2x4 growth growth consolidation • Vertical • Higher value - top 10 have • New integration into 30% new home product business component share demand models plants • Off-site manufacturing
Slide 58: Canfor's customer base is strategic
Canfor’s customer base is strategic— a balance of top players with rapid risers Home Centre Pro Dealer Industrial Offshore • Home Depot • Stock Lumber • Universal • Japan • Lowe’s • 84 Lumber • Centex • China • Rona • Lanoga • Boise • Korea FILE_# C A N F O R C O R P O R A T I O N PAGE 20
Slide 59: Canfor's strategic customers are expanding
Canfor’s strategic customers are expanding Annual Strategic High Margin Opportunity for Growth Direction Product Mix Canfor Home 35% Manufacturing FJ Studs & long Shorter supply chain, Builder partnerships, length, MSR, considerable growth in CTX concept Primed fascia, higher margin products, expans
Slide 60: Canfor is focusing offshore on structural markets
Canfor is focusing offshore on structural markets Current Growth High Margin Opportunity for Canfor Market Segments Product Mix Japan P&B 2x4 housing, P J-grade, square Supply chain efficiencies, traditional & B hybrid edge laminated supply from homes, 2x4, housing, R & R China, more J-grade, EWP Ch
Slide 61: 5. Broaden the marketing strategy
5. Broaden the marketing strategy Financial & Market Performance 5. Broaden the marketing strategy FILE_# C A N F O R C O R P O R A T I O N PAGE 23
Slide 62: Canfor is developing its 2010 market strategy
Canfor is developing its 2010 market strategy Objective The 2010 wood products market strategy Develop Canfor’s 2010 will address: wood products market Geographic market development and strategy as integral to priorities for growth its overall growth Segment/customer development and strategy gro
Slide 63: But before we move forward, we need to . . .
But before we move forward, we need to . . . Examine market trends in NA & offshore Analyze North American market segments, channels, customers, the supply chain and competing producers Assess market opportunities in: Identify relative risks and – Japan returns of alternative – China strategic o
Slide 64: In the end . . . a dominant global wood products supplier
In the end . . . a dominant global wood products supplier Financial & Market Performance Dominant Global Supplier FILE_# C A N F O R C O R P O R A T I O N PAGE 26
Slide 65: Who optimizes value for customers & investors
. . . who optimizes value for customers & investors To be a dominant global supplier, Canfor will need to: Fibre Maintain SPF dominance + grow Canfor’s global fibre base Mills Enhance economies of scale & specialization Products Sustain a leadership position in core dimension lumber products
Slide 66: In the end . . . successful on all fronts
In the end . . . successful on all fronts Financial & Market Performance 1. Build on a growth platform 2. 3. Be “values” Differentiate & customer across the value driven supply chain 4. 5. Grow with Broaden the market growth- marketing leaders strategy FILE_# C A N F O R C O R P O R A T I O N PAGE 2
Slide 67: Wood Products - Operations
C O R P O R A T I O N C A N F O R Wood Products - Operations May 13, 2005 Dan Madlung, Vice-President – Wood Products, West Mac Palmiere, Vice-President – Wood Products, East FILE_# PAGE 1
Slide 68: Canfor's Tenures
Canfor’s Tenures FILE_# C A N F O R C O R P O R A T I O N PAGE 2
Slide 69: Wood Products Business
Wood Products Business • 13 million m3 of forest tenure Fibre • ISO14001 certified • CSA/SFI certified Lumber • Primary lumber capacity of 5,000 mmfbm • 18 sawmills in BC, Alberta and Quebec • Low cost operations • OSB capacity of 650 mmsf 3/8” basis Panels • Plywood capacity of 440 mmsf 3/8” basis
Slide 70: Wood Products Diversification
Wood Products Diversification 2003 % of Sales 2005 % of Sales 0% 4% 2% 6% 7% 2% 8% 5% 78% 88% Solid Wood Remanufacturing Solid Wood Remanufacturing Plywood OSB Plywood OSB Other Other FILE_# C A N F O R C O R P O R A T I O N PAGE 4
Slide 71: How Canfor creates value
How Canfor creates value Marketing Operations Fibre FILE_# C A N F O R C O R P O R A T I O N PAGE 5
Slide 72: Improving returns in Wood Products
Improving returns in Wood Products Capital • EBITDA Improving improvements improvement of Lumber Returns in 35% + Wood • Moving to first Panels Quartile Products Non-capital improvements performance FILE_# C A N F O R C O R P O R A T I O N PAGE 6
Slide 73: Lumber 5 year margin improvement target
Improve performance - significant potential exists Lumber 5 year margin improvement target (Targets based on reaching first quartile) • Capture gains via 35% – Targeted 7% 23% 10% investment 18% – Getting more out 12% of current assets • Success will demand – Strong talent/ leadership – Tight perfor
Slide 74: Plywood 3 year margin improvement target
Improve performance - significant potential exists Plywood 3 year margin improvement target (Targets based on reaching first quartile) 45% 8% 27% • Capture gains via 17% – Targeted 20% 18% investment – Getting more out of current assets • Success will demand – Strong talent/ leadership – Tight perfo
Slide 75: OSB 2 year margin improvement target
Improve performance - significant potential exists OSB 2 year margin improvement target (Targets based on reaching first quartile) 10% 6% 10% 4% • Capture gains via – Getting more out of current assets • Success will demand – Strong talent/ leadership – Tight performance management 2004 EBITDA PRF M
Slide 76: Non Capital Improvement Plan
Non Capital Improvement Plan Priorities Established Mechanisms Organization Support – Margin Focus – Share Best Practices – Product Optimization Group – Quality Control – Continuous Systems Improvement Tools – Business Improvement Group – Optimization Set-Up – Alignment of Incentive Plan – Customer
Slide 77: Capital Implementation Plan
Capital Implementation Plan ! New Project Planning procedure – Phases of project – Approval gates – Involves knowledge and experienced people from within and outside Canfor ! Alliance with a major engineering firm ! Separate Solid Wood Capital Group – 3 person group with knowledge and experience – A
Slide 78: Investing in Tier 1 assets
Investing in Tier 1 assets Avg. mill capacity by tier Proportion of MMfbm/year annual production (%) Tier 1 346 72 (10 mills) Tier 2 4 to 5 mills considered 19 231 ‘Cornerstone’ assets: (4 mills) • Houston • Plateau Tier 3 105 • Mackenzie 9 (4 mills) • Prince George (1-2) FILE_# C A N F O R C O R P
Slide 79: Investment Opportunities
Investment Opportunities Proportion of Canfor mills with 1970s technology • Only 10 of 25 planers have 56% • Must modernize key state-of-the-art grade optimization vs. 100% in a assets (Tier 1) major competitor • Invest in highest ROI 33% projects at high- 26% performing facilities 11% 13% • Align o
Slide 80: Canfor's Tenures: Impact of the beetles
Canfor’s Tenures Impact of the beetles FILE_# C A N F O R C O R P O R A T I O N PAGE 14
Slide 81: Why Plateau?
Why Plateau? It’s the right asset at the . . .and we have to set right time. . . priorities • Compelling economics • Management focus (it will • One-time opportunity to be a major project) consume beetle wood • Limited availability of • Plateau defined as a industry engineering and ‘Cornerstone’ mil
Slide 82: Finance
C O R P O R A T I O N C A N F O R Finance Terry Hodgins Vice-President & Treasurer FILE_# PAGE 1
Slide 83: Finance
Finance ! Q1-2005 comments ! Target debt levels ! Hedging Programs – Natural gas – Lumber – Pulp – F/X ! Capital Project Evaluation FILE_# C A N F O R C O R P O R A T I O N PAGE 2
Slide 84: Capital Project Evaluation
Capital Project Evaluation ! Planning Process ! Risk Assessment ! Hurdle Rates ! Monitoring and Control FILE_# C A N F O R C O R P O R A T I O N PAGE 3
Slide 85: Strategic Capital Assumptions: Lumber
Strategic Capital Assumptions: Lumber FILE_# C A N F O R C O R P O R A T I O N PAGE 4
Slide 86: Strategic Capital Assumptions: Pulp
Strategic Capital Assumptions: Pulp FILE_# C A N F O R C O R P O R A T I O N PAGE 5
Slide 87: James (Jim) A. Shepherd
James (Jim) A. Shepherd President and Chief Executive Officer Mr. Shepherd was named the President and CEO of Canfor Corporation in 2004 following Canfor's acquisition of Slocan Forest Products Ltd. (Slocan). Mr. Shepherd was the President and CEO of Slocan and prior to this appointment he was the P
Slide 88: David M. Calabrigo
David M. Calabrigo Vice-President, Corporate Development, General Counsel and Corporate Secretary David Calabrigo was appointed General Counsel and Corporate Secretary on January 3, 2001; on July 1, 2003 he was appointed Vice-President, Human Resources, General Counsel and Corporate Secretary, and o
Slide 89: Ken O. Higginbotham
Ken O. Higginbotham Vice President, Forestry and Environment Ken Higginbotham was appointed Vice-President, Forestry, Environment and External Relations of Canfor in April 2004. Prior to that, Mr. Higginbotham was Vice President Forestry and Environment. Born in Denver, Colorado and raised in Twin F
Slide 90: Dan W. Madlung
Dan W. Madlung Vice-President, Solid Wood Operations West Dan Madlung completed his BSc degree in Forestry at the University of British Columbia in 1979. Dan has worked throughout the BC interior, Alberta and Florida in the solid wood sector for 26 years. This included woodlands, lumber, plywood, OS
Slide 91: Donald B. Kayne
Donald B. Kayne Vice-President, Wood Products Marketing and Sales Don Kayne was appointed Canfor's Vice President, Wood Products Marketing and Sales in January 2001. Prior to this appointment, he was General Manager, Wood Products Sales and Marketing for six years. Born and raised in North Vancouver