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Canfor Announces Indefinite Closure of its PolarBoard and Tackama Mills
Vancouver, British Columbia, Canada, 18 January 2008 –– Canfor Corporation (TSX:CFP) announced today that due to the continued poor wood product markets, a high Canadian dollar, and record low oriented strand board (OSB) prices, it will be closing indefinitely its PolarBoard OSB and Tackama plywood mills in Fort Nelson, British Columbia, once existing log inventories are used and finished products shipped. This is expected to occur in April for the Tackama mill and during the summer for the PolarBoard operation.

Approximately 435 employees will be affected by the decision. The Tackama mill has an annual capacity of 270 million square feet (3/8-inch basis) of plywood and the PolarBoard mill has an annual capacity of 640 million square feet (3/8-inch basis) of OSB production.

"As the market slump continues without evidence of a turnaround, Canfor must continue to adjust its production to address the reduced market demands,” said Jim Shepard, Canfor president and CEO. “While implementing prudent production reductions, we are striving to continue to meet the needs of our key strategic customers,” he concluded.


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