Canfor Taking Downtime

Thursday, March 15, 2007 04:02 AM

Canfor's announced some downtime at five of its six sawmills. The first will be at Vavenby startng on the 19th and going through to the 25th.

The Mackenzie mill, whic h has already curtailed its operations, will take an extra two weeks starting on the 26th and when it comes back on line it will continue with its 4-day operating format.

For Chetwynd the shutdown will be one week starting on the 19th, Plateau will see a two week shutdown start on the 26th, while the Rustad sawmill will start a two week shut down on the 2nd of April. However, planer operations will continue throughout the downtime.

The company says poor market conditions are to blame, and the shutdowns will take about 70 million board feet off the market.

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Posted on Thursday, March 15, 2007 04:02 AM in News by 250 News

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Comments

Posted by: rufus on March 15 2007 8:04 AM

Hmm, I may have missed it but CNR employees must still be on strike.

Posted by: Chadermando on March 15 2007 10:05 AM

The truth is...

http://www.truthout.org/docs_2006/031407J.shtml

Posted by: wrinkledawg on March 15 2007 1:14 PM

I bet if they got rid of a bunch of deadweight in upper management that they would save a bundle. :)

Posted by: charles on March 15 2007 7:59 PM

Good article Chadermando. I think it describes very accurately what the current state of the U.S. housing market is.

Unfortunately, I don't think a lot of people in town here are following this story, and they do not realize it has serious implications for the Prince George economy.

I am expecting a lot of layoffs to be announced by Canfor shortly after their next annual shareholders meeting which takes place on May 4.

The following is from a recent article in the Vancouver Sun,

"Three of the largest shareholders at Canfor Corp. have banded together to elect their own slate of directors, pointing to a pending shakeup at the Canadian lumber giant.

The three investors, Vancouver billionaire Jim Pattison, New York investment house Third Avenue Management, and Matthews-Cartier Holdings, owned by the company's founding Bentley and Prentice families, intend to vote for "a mutually agreed slate of directors" at the company's May 4 annual general meeting."

To borrow a phrase from George Soros, I would have to say that I think in Prince George the music has stopped, but most people are still dancing.

I sure hope Kim Reynold runs for Mayor of Prince George. I think we need some civic politicians who realize that money does not grow on trees. If he does run I will be contributing $100.00 to his campaign.

Posted by: herbster on March 16 2007 9:55 AM

check out this link- it suggests that the current cuts are only about 7% of the cuts needed by summer
http://www.canada.com/nationalpost/financialpost/story.html?id=6d739e5e-efc7-4d17-802a-e26087844cfb&k=50898

Posted by: charles on March 16 2007 7:44 PM

Thank you herbster for the information on this story, it is indeed an excellent article about the current state of our sawmill industry. Canfor is referred to in it.

Being a relative computer novice I had difficulty getting your link to work. Anyone else having difficulty finding this article, should copy and paste the following into google, and go from there.

"financial post" "deep lumber cuts needed"