Western Forest Products Inc.
TSX : WEF
November 07, 2017 18:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 7, 2017) - Western Forest Products Inc. (TSX:WEF) ("Western" or the "Company") today announced the closure of its Englewood logging train. This announcement is consistent with the Company's ongoing efforts to reduce costs and strengthen its competitiveness. Logs will be transported by truck at a lower cost to create efficiencies in the transportation of logs to its mills from northern Vancouver Island forestry operations.
At peak operations, the train employed 34 people. As a result of the closure of the train, these positions will be eliminated. The Company will work with its employees and union representatives to identify opportunities for the impacted employees to transition to other positions within its operations. Accordingly, the reduction in overall jobs is anticipated to be fewer than 15. As always, the Company is committed to work with its employees in a fair and equitable manner.
Western employs over 3,500 employees and contractors on the coast, of which 600 are directly employed on northern Vancouver Island. Western remains focused on ensuring the safe, competitive, long-term viability of its operations for the benefit of its employees, shareholders, and the communities in which it operates.
About Western Forest Products Inc.
Western is an integrated Canadian forest products company and is the largest coastal British Columbia woodland operator and lumber producer. The Company has an annual available harvest of approximately 6.1 million cubic metres of timber, of which approximately 5.9 million cubic metres is from Crown lands. Western has a lumber capacity in excess of 1.1 billion board feet from seven sawmills and one remanufacturing plant. Principal activities conducted by the Company include timber harvesting, reforestation, sawmilling logs into lumber and wood chips, and value added remanufacturing. Substantially all of Western's operations, employees and corporate facilities are located in the coastal region of British Columbia, with sales worldwide.
Forward Looking Statements and Information
This press release contains statements which constitute forward-looking statements and forward-looking information within the meaning of applicable securities laws. Those statements and information appear in a number of places in this document and include statements and information regarding our current intent, belief or expectations primarily with respect to market and general economic conditions, future costs, expenditures, available harvest levels and our future operating performance, objectives and strategies. Such statements and information may be indicated by words such as "will", "estimate", "expect", "anticipate", "plan", "intend", "believe", "seek", "should", "may", "likely" and similar words and phrases. Readers are cautioned that it would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights, and that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Such risks and uncertainties include, among others: general economic conditions, competition and selling prices, international trade disputes, changes in foreign currency exchange rates, labour disruptions, natural disasters, relations with First Nations groups, changes in laws, the availability of annual allowable cut, regulations or public policy, misjudgements in the course of preparing forward-looking statements or information, changes in opportunities and other factors referenced under the "Risks and Uncertainties" section of our MD&A in our 2016 Annual Report dated February 16, 2017. All written and oral forward-looking statements or information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Except as required by law, Western does not expect to update forward-looking statements or information as conditions change.
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Investor Inquiries: Western Forest Products Inc.
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