Interfor Curtails Production Across All Regions

SEATTLE (Scrap Monster): Interfor Corporation has announced several initiatives aimed at adjusting its business to the present day operating condition which are widely influenced by the impacts of COVID-19 epidemic.

Firstly, the company has decided to reduce its capital expenditures for the current year as well as the next year by approximately $140 million, as part of its efforts to adapt to evolving market conditions. This will bring down the capex for 2020 to around $100 million and that for 2021 to substantially below $100 million. The capital expenditure plans will be re-evaluated as market conditions continue to evolve.

Secondly, the company has decided to implement temporary reduction in production across its facilities in B.C., Pacific Northwest and the U.S. South. This may reduce weekly production by almost 35 million board feet, equivalent of almost 60% of the company’s total production capacity. The curtailments will be initially for a period of two weeks and will be reviewed after this.

Ian Fillinger, Interfor’s President and Chief Executive Officer stated that the decisions are reflections of the company’s priority on the health and safety of its employees as well as the flexibility to adapt to changing market conditions.

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