SEATTLE (Scrap Monster): Canfor Corporation announced that it has approved investment of approximately $130 million towards modernization of Urbana sawmill and planer facility in Arkansas. The investment will result in significant expansion and upgrading of the facility.
According to company press release, the proposed investment will capitalize on the abundant supply of high-quality fiber so as to enhance the manufacturing of high-value products. It will boost the annual production at the facility by additional 115 million board feet. Furthermore, the capital investment will deliver meaningful reduction in the facility’s cost structure. The investment is in line with the company’s growth and diversification strategy aimed at keeping pace with the rising customer demand, it noted.
Don Kayne, President and CEO, Canfor Corporation noted that the company is excited to be investing in Urbana facility with state-of-the-art technology to modernize the work environment for its valued employees. The investment will significantly increase its ability to produce sustainable wood products that will meet the growing needs of its customers, Kayne added.
The company has scheduled its annual general meeting and Q1 2022 results conference call on Tuesday, May 3, 2022.
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