Vancouver, British Columbia, Canada, 28 July 2011 – Canfor Corporation (TSX:CFP) announced today that, following a review with its board of directors, the company will be proceeding with capital improvement projects totaling CAD 46.7 million at its Grande Prairie, Alberta, facility and at the Prince George sawmill in British Columbia.
In Grande Prairie, investments include the purchase of a cogeneration facility from TransAlta and a planer upgrade. A planer upgrade at the Prince George sawmill also was included in the approved capital investment package.
The projects are part of a capital spending plan for 2011 totaling CAD 140 million, and a three year strategic plan that calls for total investment in sawmill improvement projects of CAD 300 million.
“We are continuing to invest significantly in modernizing our Canadian facilities” said Don Kayne, Canfor president and CEO. “Going forward, our capital investment program will continue to enhance productivity and cost performance.”
Canfor is a leading integrated forest products company based in Vancouver, British Columbia, with operations in Alberta, British Columbia, and Quebec in Canada, and in North Carolina, South Carolina, and Washington in the United States. The company produces primarily softwood lumber and also produces oriented strand board (OSB), remanufactured lumber products, and specialized wood products. Canfor also owns a 50.2% interest in Canfor Pulp Limited Partnership, which is one of the largest producers of northern 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.