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West Fraser Timber to shut production at seven plants, 1,160 workers affected
THE CANADIAN PRESS 2009-03-02 19:52:00
VANCOUVER, B.C. - West Fraser Timber Co. Ltd. (TSX:WFT) said Monday that it will reduce production by shutting down production at seven plants for one to two weeks starting March 16.
A total of 1,160 employees will be affected by the curtailments.
The total production curtailed is expected to be approximately 44 million board feet.
"These curtailments reflect the continuing weakening of demand as the severe downturn of the U.S. housing market continues," the company said in a statement.
Last month, the company reported a loss of $137.1 million or $3.20 cents per share on $3.19 billion in sales in 2008 compared with a loss of $36.2 million or 85 cents per share on $3.32 billion in sales in 2007.
In its outlook, the company said 2009 is expected to be another very challenging year for its lumber operations as a near-term recovery of the U.S. housing market appears unlikely.
Demand for the company's pulp and paper products is also expected to be weak as the global economic recession continues.
A total of 1,160 employees will be affected by the curtailments.
The total production curtailed is expected to be approximately 44 million board feet.
"These curtailments reflect the continuing weakening of demand as the severe downturn of the U.S. housing market continues," the company said in a statement.
Last month, the company reported a loss of $137.1 million or $3.20 cents per share on $3.19 billion in sales in 2008 compared with a loss of $36.2 million or 85 cents per share on $3.32 billion in sales in 2007.
In its outlook, the company said 2009 is expected to be another very challenging year for its lumber operations as a near-term recovery of the U.S. housing market appears unlikely.
Demand for the company's pulp and paper products is also expected to be weak as the global economic recession continues.
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