Vancouver, British Columbia, Canada 03 September 2015 -- (Marketwired) -- INTERFOR CORPORATION ("Interfor" or the "Company") (IFP.TO) today announced plans to reduce production across its operating platform in the US South by 20 percent on a temporary basis in response to weak market demand.
The curtailments will be taken by way of reduced hours at five of the Company's mills in the region and will remain in place until market conditions dictate otherwise.
"Prices for Southern Yellow Pine lumber have fallen by 27 percent since the beginning of the year as available supply has outstripped product demand in the region," said Duncan Davies, Interfor's President & CEO.
"This action will help bring Interfor's production and the needs of our customers back into balance. It will also help to keep inventory levels in check as we move into the fall."
The curtailments are at Interfor's sawmills in Baxley, Thomaston and Meldrim, Georgia; Georgetown, South Carolina; and Monticello, Arkansas. During this time, Interfor will implement a series of planned maintenance and reliability improvements at the affected sawmills which will offset the financial impact of the curtailments on a go-forward basis.
Interfor has nine sawmills across the US South, with total annual capacity of approximately 1.3 billion board feet.
This release contains information and statements that are forward-looking in nature, including, but not limited to, statements containing the words "will", "plans" and "is expected" and similar expressions. Such statements involve known and unknown risks and uncertainties that may cause Interfor's actual results to be materially different from those expressed or implied by those forward-looking statements. Such risks and uncertainties include, among others: general economic and business conditions, product selling prices, raw material and operating costs, changes in foreign-currency exchange rates, and other factors referenced herein and in Interfor's Annual Report and Annual Information Form available on www.sedar.com. The forward-looking information and statements contained in this report are based on Interfor's current expectations and beliefs. Readers are cautioned not to place undue reliance on forward-looking information or statements. Interfor undertakes no obligation to update such forward-looking information or statements, except where required by law.
Interfor is a growth-oriented lumber company with operations in Canada and the United States. The Company has annual production capacity of more than 3 billion board feet and offers one of the most diverse lines of lumber products to customers around the world. For more information about Interfor, visit the website at www.interfor.com.