Toronto, Ontario, Canada 26 June 2017 -- Norbord Inc. (TSX and NYSE: OSB) today announced that the Quebec Minister of Forests, Wildlife and Parks has granted the Company a wood allocation for its curtailed Chambord, Quebec OSB mill that will take effect April 1, 2018.
"We are very pleased to have secured a wood allocation for our Chambord, Quebec mill so soon after acquiring it in the fall of 2016, and this is an important first step toward restarting production at the mill," said Peter Wijnbergen, Norbord's President and CEO. "Market conditions continue to improve and we believe will support an eventual restart of the Chambord mill. In the meantime, we continue to develop our detailed engineering plan to support the investment needed to ensure the mill's long-term viability. We greatly appreciate the support we've received so far from government officials and the local community."
Norbord acquired the Chambord OSB mill in the fall of 2016 following an asset exchange. The Chambord mill was built in the 1980s and has a stated capacity of 470 million square feet (3/8- inch basis). Production from the mill was indefinitely curtailed by its previous owner in 2008.
In addition to the Chambord mill, Norbord's assets in Quebec include an operating OSB mill in La Sarre and a technology research and development centre in St-Laurent. Over the last five years, the Company has invested more than US$35 million to improve and ensure the La Sarre mill's long-term competitiveness, including significant investments in new technology, equipment and processes.
Norbord Inc. is a leading global manufacturer of wood-based panels and the world's largest producer of oriented strand board (OSB). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard and related value-added products. Norbord has assets of approximately $1.8 billion and employs approximately 2,600 people at 17 plant locations in the United States, Canada and Europe. Norbord is a publicly traded company listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol "OSB".