2006/7/6
TORONTO, June 22 (Reuters) - Canfor Corp. (CFP.TO: Quote, Profile, Research) said on Thursday it will take downtime at several sawmills because of depressed lumber prices and a strong Canadian dollar.
Canfor, Canada's largest softwood lumber producer, said it expects about 50 million board feet to be taken out of production by the mill shutdowns.
"We're going to rotate the downtime through a number of our mills in northern (British Columbia)," a company spokesman said. "A mill's downtime won't exceed two weeks, so we'll roll it to sort of spread the impact across the mills."
No jobs will be lost as the company will ask its employees to take their summer vacations when a given mill is idled, the spokesman added.
In a statement, the company characterized the high Canadian dollar and lower lumber prices as "unfavorable market realities."
Canfor shares closed 7 Canadian cents higher at C$12.32 on the Toronto Stock Exchange. |