TORONTO – Norbord Inc. reported a loss of $22 million in its first quarter of 2009.
The board products manufacturer said it reduced Q1 2009 manufacturing by $18 million vs. Q4 2008. Those cuts helped the company reduce its sales losses below the $30 million decrease it reported in Q1 2008.
“We know that the next 12 to 18 months will continue to challenge our company,” said Barrie Shineton, president and CEO. “However, there are signs that the economics of our business are starting to stabilize.”
Have something to say? Share your thoughts with us in the comments below.