Canfor Announces Construction of New State-of-the-Art Greenfield Sawmill
Vancouver, British Columbia, Canada 22 February 2018 -- The Board of Directors of Canfor Corporation (TSX:CFP) today approved the construction of a new, state-of-the-art sawmill in Washington, Georgia. The new sawmill, which will cost approximately US$120 million and have a production capacity of 275 million board feet, will employ best-in-class mill technology, capitalizing on an excellent fibre resource in the region to produce high value dimension and specialty lumber products. Strategically located near the Company's existing glulam facility in Washington and the larger population centers in Athens and Augusta, the new mill will be able to draw on a strong and skilled employee base.
Construction will commence in the second quarter of 2018, with the official start-up projected for the third quarter of 2019. At full run rates, assuming 2017 market pricing, the sawmill is forecast to generate annual EBITDA of approximately US$35 million.
"This new mill supports our growth strategy and will provide strong economic returns over the cycle," said Canfor's President and CEO, Don Kayne. "We are pleased to expand our presence in the community of Washington and look forward to providing additional high value products to our global customers".
Canfor is a leading integrated forest products company based in Vancouver, British Columbia ("BC") with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP.
Update - 22 February 2018
Canfor Corporation (TSX:CFP) has been advised today by the contractor selected to build the greenfield mill in Washington, Georgia of a potential previous commitment that may prevent their construction of the facility.
The Company is working to rectify the situation but may encounter delays relative to the construction schedule provided in yesterday's news release.
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