VANCOUVER, Aug. 21 /CNW/ - West Fraser Timber Co. Ltd. announced that it
has today advised the Government of Canada that it would take steps to permit
the implementation of the Softwood Lumber Agreement negotiated between Canada
and the United States. In its notice, West Fraser confirmed that it has "had
serious reservations about both the substance of the (Softwood Lumber
Agreement) and the process by which it has been developed" but confirmed that
if certain conditions are met it will participate in the Agreement's
implementation, including terminating certain outstanding litigation.
Hank Ketcham, Chairman, President and CEO of West Fraser stated: "Over
the past several years we, along with other industry and government
representatives, have worked very hard to achieve a resolution to this dispute
that will be long lasting. The Government of Canada has advised us that this
Agreement is the best that can be achieved at this time and, although it falls
short of what we had hoped for, we believe that on balance our interests, and
those of our shareholders, employees and other stakeholders, are best served
by participating in its implementation."
West Fraser's commitment is subject to conditions including satisfaction
with the forms of final documentation and similar commitments being made by
companies representing not less than 95% of all duty deposits.
Mr. Ketcham also recognized the efforts of the Province of British
Columbia. "Without the steadfast support and leadership of Premier Gordon
Campbell, we would have faced a much more difficult future."
West Fraser is an integrated forest products company that produces
lumber, LVL, MDF, plywood, pulp, linerboard, kraft paper and newsprint. The
Company has manufacturing operations in British Columbia, Alberta and the
southern United States. West Fraser has approximately 6,900 employees and is
headquartered in Vancouver, British Columbia.
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West Fraser Common shares trade on the Toronto Stock Exchange
under the symbol WFT.
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