Vancouver, B.C. – Canfor Corp. announced today that, following a review with its Board of Directors, the Company will be proceeding with capital improvement projects totaling $62 million at its Vavenby, Polar and Plateau operations in British Columbia.
The projects are part of a capital spending plan for 2011 totaling $145 million, and a three year strategic plan that calls for total investment in sawmill improvement projects of $300 million.
Following completion of the capital upgrades at its Vavenby mill, Canfor will be restarting this operation sometime in the third quarter and recalling approximately 140 employees including staff. When at full production, the mill will produce approximately 240 million board feet of SPF (Spruce-Pine-Fir) lumber on an annual basis.
“This continues our strategy to invest in our mills, creating efficient and low cost operations,” said Jim Shepard, Canfor President and CEO.
SOURCE: Canfor Corp.
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