BURNABY, British Columbia, Oct. 20, 2022 (GLOBE NEWSWIRE) — INTERFOR CORPORATION (“Interfor” or the “Company”) (TSX: IFP) announced its intention to reduce its lumber production in the fourth quarter of 2022 by approximately 200 million board feet, or 17% of quarterly capacity , given the current economic environment and market uncertainty. led to a decline in the demand for wood. This temporary production reduction is expected to be spread across each of the company’s operating regions, primarily timed around the Thanksgiving and Christmas periods in the United States, and used to expedite ongoing capital and maintenance projects.
The Company’s lumber inventories are currently within normal volume parameters, and these plans are expected to keep production in balance with market demand through the end of 2022. The Company currently expects to resume its normal operating schedule in January 2023, but will closely monitor market conditions and adjust its production plans accordingly.
This news release contains forward-looking information about the company’s business prospects, economic and market conditions, wood demand, wood prices, strategic priorities and other information that is not historical fact. A statement contains forward-looking information when the Company uses what it knows and expects today to make a statement about the future. Statements containing forward-looking information in this release include, but are not limited to, statements regarding production, production capacity, lumber prices, capital and maintenance plans and other relevant factors. Readers are cautioned that actual results may differ from the forward-looking information contained in this release, and undue reliance should not be placed on such forward-looking information. Risk factors that could cause actual results to differ materially from the forward-looking information contained in this release are described in Interfor’s annual management report under the heading “Risks and Uncertainties”, which is available at www.interfor. com and under Interfor’s profile on www.sedar.com. Important factors and assumptions used to make the forward-looking information contained in this report include the volatility of selling prices for lumber, logs and wood chips; the Company’s ability to compete globally; availability and cost of log supply; natural or man-made disasters; exchange rate; changes in government regulations; Indigenous reconciliation; the Company’s ability to export its products; the softwood lumber trade dispute between Canada and the United States; the environmental impacts of the Company’s operations; labor disruptions; the security of information systems; and the existence of a public health crisis. Unless otherwise indicated, the forward-looking statements contained in this press release are based on the Company’s expectations as of the date of this press release. Interfor undertakes no obligation to update such forward-looking information or statements, except as required by law.
Interfor is a growth-oriented forest products company with operations in Canada and the United States. The company has an annual lumber production capacity of approximately 4.7 billion board feet and offers a diverse line of lumber products to customers worldwide. For more information about Interfor, visit our website at www.interfor.com.
Rick Pozzebon, Executive Vice President and Chief Financial Officer
Mike Mackay, Vice President of Corporate Development and Strategy
Svetlana Kayumova, Senior Manager, Corporate Affairs and Communications