Canfor's Fourth Quarter Results Down
By 250 News
Thursday, February 16, 2006 07:14 AM
Canfor is reporting a $12 million dollar loss for the fourth quarter which ended December 31st.
The primary reasons for the loss are the strength of the Canadian dollar and the unexpected shutdowns of a couple of operations, namely the Plateau Mill which was going through a major overhaul, the OSB plant in Ft. Nelson was down for 11 days while the new plant in Ft St John is undergoing start up bugs, but Canfor is working with Louisiana Pacific to iron out the problems. There was also down time at Mackenzie, Intercon and P.G.Pulp and Paper.
While promising to watch it's spending , CEO Jim Shepherd also announced Canfor has just approved spending $45 million for a new bark boiler for Houston. That will produce an excess white wood waste which Canfor will transfer to its new venture in the pellet business. It is joining forces with Pinnacle Pellet to develop a pellet production facility in Houston, with completion of that project in in the first quarter of 2007. The product is destined for the European and Japanese markets. Shepherd says the facility will create some new jobs, but he wasn't certain how many would be created.
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