Canfor Corporation announced it will proceed with a 2011 capital spending plan for its lumber business of $145 million.

The company said $120 million will be for improvement projects to its sawmilling facilities and that the balance will be for maintenance projects. This is part of a three year strategic plan that calls for total investment in sawmill improvement projects of $300 million, the company said.

"This level of investment will secure our position in the top tier of competitiveness, and marks an exciting new chapter for Canfor," said Jim Shepard, Canfor president and CEO.

Canfor has operations in British Columbia, Alberta, Quebec, Washington state, and North and South Carolina. The company produces primarily softwood lumber and also produces oriented strand board (OSB), remanufactured lumber products and specialized wood products.

Read the press release about
Canfor's plans to invest in its sawmill facilities.

Have something to say? Share your thoughts with us in the comments below.