Interfor Updates on COVID-19 Action Plan

SEATTLE (Scrap Monster): Interfor Corporation announced a series of new initiatives aimed at adjusting its business to the prevailing operating conditions that are severely impacted by widespread COVID-19 outbreaks. The company has decided to further expand sawmill production curtailments.

According to company press release, the newly announced measures, primarily aimed at safety and health of employees, are likely to reduce sawmill production by approximately 50 million board feet during the week of March 30, 2020. The customer orders during this period will be met from inventory. The company will continue to adjust production after comprehensive evaluation of evolving market conditions.

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Last week, the company had declared temporary reduction in production across its operations in British Columbia, the Pacific Northwest and the US South, initially for a period of two weeks. Also, it had reduced its capital expenditure for 2020 and 2021 by approximately $140 million.

Furthermore, Interfor announced that it has completed the previously announced US$100 million of long-term debt financing with Prudential Private Capital, which in turn has raised the company’s current liquidity levels to in excess of $400 million.