Canfor Limits operations in Sweden
VANCOUVER, BC, 31 August 2022 /CNW/ – Canfor Corporation (TSX: CFP) announces reduced operating schedules September 12, 2022 at its Swedish facilities due to reduced market demand. The reduced operating plans will result in a 15% reduction in production capacity and are expected to be in effect in the fourth quarter.
“Rising inflation and mortgage rates in Europe, which is expected to last through the autumn, is affecting the demand for timber and as a result we are reducing production capacity. We are committed to continuing to meet the needs of our customers,” said Don KaynePresident and CEO, Canfor.
The reduction in production capacity will be achieved through reduced shifts. The company will continue to evaluate and make adjustments to business plans based on changes in market demand.
Forward-looking statements
Certain statements in this press release constitute “forward-looking statements” that involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from future results, performance or achievements expressed or implied by such statements. Words such as “expect”, “anticipate”, “project”, “intend”, “plan”, “will”, “believe”, “seek”, “estimate”, “should”, “may”, “may”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause actual events or results expressed or implied by such forward-looking statements to differ materially from future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor undertakes no obligation to update such information to reflect subsequent events or developments, except as required by law.
About Canfor Corporation
Canfor is a leading integrated forest industry company based in Vancouver, British Columbia (“BC”) with interests in BC, AlbertaNorth and South Carolina, Alabama, Georgia, Mississippi, Arkansas and Louisianaas well as in Sweden with a 70% stake in Vida Group. Canfor primarily produces softwood and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of the Northern Bleached Softwood Kraft Pulp market and a leading producer of high performance kraft paper. Canfor shares trade on the Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.
SOURCE Canfor Corporation
For additional information: Media Contact: Michelle Ward, VP, Corporate Communications, (604) 661-5225, [email protected]; Investor Contact: Pat Elliott, CFO and SVP, Sustainability, (604) 661-5441, [email protected]; Dan Barwin, Director, Corporate Finance, (604) 661-5390, [email protected]