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Canfor to Indefinitely Shut Mackenzie Sawmill

May 22, 2007 - Canfor Corp. announced today that it will close its Mackenzie sawmill in British Columbia indefinitely once the remaining log inventory at the facility has been processed, which is expected to be mid-August.

The idling of the sawmill will affect about 450 workers.

Canfor said the shut down is part of a broader cost management program currently underway at the company. "Canfor's Board has directed me to implement a program to reduce costs and position the company to weather this market downturn, which is the worst this industry has seen in decades," Canfor's interim president and CEO James Shepard said.

"Today we are announcing the indefinite closure of our Mackenzie sawmill, but we will continue to monitor market conditions for evidence of a sustained recovery that would enable us to revisit the situation, Shepard added. "This cost review process is not meant to be a one-time event and we will be announcing further decisions as we implement our plan," he concluded.

The Mackenzie sawmill has a capacity of 500 million board feet per year.

SOURCE: Canfor Corp




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