Fraser Papers Announces Temporary Shutdown of Sawmill
Toronto, Ontario, Canada, 16 January 2008 --(Marketwire)-- Fraser Papers Inc. (TSX:FPS) announced today the temporary shutdown of its 70 MMfbm lumbermill in Ashland, Maine, USA.
Weak housing markets in the United States and resultant low lumber prices have contributed to unsustainable operating losses at the mill. The mill will close once current log supplies are processed. It is expected to remain closed for approximately four months, depending on market conditions. The shutdown will affect approximately 70 employees at the mill. The company's sawmill in Masardis, Maine, is unaffected by the announcement.
Fraser Papers is an integrated specialty paper company that produces a broad range of specialty packaging and printing papers. The company has operations in Canada (New Brunswick and Quebec) and in the United States (Maine and New Hampshire). Fraser Papers is listed on the Toronto Stock Exchange under the symbol: FPS. For more information, visit the Fraser Papers Web site at www.fraserpapers.com.
Note: This press release contains forward-looking information and forward-looking statements within the meaning of Canadian provincial securities laws. These forward-looking statements include, among others, statements with respect to the duration of the temporary shutdown of the Company's Ashland, ME sawmill and the number of employees impacted. The words "will", "expect" and other expressions which may be predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results of the temporary shutdown to differ materially from those set forth in the forward-looking statements include general economic conditions, foreign exchange rates, housing markets, demand for and prices of lumber and other risks detailed from time to time in the documents filed by the Company with the securities regulators in Canada. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.