West Fraser Timber to Close Sawmill Due to Fiber Costs, Soft Lumber Markets
The moves will reduce West Fraser's U.S. lumber capacity by about 270 million board feet.
SEATTLE (Scrap Monster): West Fraser Timber said it will close its sawmill in Maxville, Fla., and curtail operations at its sawmill in Huttig, Arkansas, citing high fiber costs and soft lumber markets.
The closure of the Florida sawmill will affect about 80 employees, while the indefinite curtailment of operations at the Arkansas facility will affect 140 employees, the company said. West Fraser said it will offer work opportunities at other company operations to affected employees.
The moves will reduce West Fraser's U.S. lumber capacity by about 270 million board feet.
The company said the low price of commodities has made it harder for them to run both mills profitably. The moves will better align lumber capacity with demand.
West Fraser said it expects to book restructuring and impairment charges of about $50 million in the fourth quarter.
Courtesy: www.marketwatch.com
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