Norbord Announces Downtime for Belgian Mill
Toronto, Ontario, Canada, 14 December 2007 -– Norbord Inc. (TSX:NBD) announced today it will take temporary downtime at its mill in Genk, Belgium, to rebalance inventory levels. The curtailment affects both particleboard and OSB operations.
The shutdown will begin on 22 December and is expected to last approximately three weeks. Approximately 150 people will be temporarily laid off as a result of this action.
“European inventory levels rise each year over the holiday season,” said Barrie Shineton, Norbord’s president and CEO. “The slowdown in European consumer confidence has made it necessary to extend our holiday downtime this year, to keep inventory levels in-check and limit the company’s working capital build.”
Annual OSB production capacity at Genk is 260 MMsf – 3/8-inch basis and annual particleboard production capacity is 170 MMsf – 3/8-inch basis.
Norbord Inc. is an international producer of wood-based panels and is a publicly traded company listed on the TSX under the symbol NBD.