Christmas vacation will be a little longer this year for 2,000 Canfor employees as the company announces plans to c…
Christmas vacation will be a little longer this year for 2,000 Canfor employees as the company announces plans to close its 12 sawmills for 14 days over the holidays. According to a recent report by the Vancouver Sun, the curtailment comes in response to a weakening U.S. housing market that prompted its lumber sales to plummet by 32%. The company shut down over Christmas last year, as well.
The Sun reported CEO Jim Shepard as saying the future looks gloomy for the industry, with no positive turnaround on the horizon for 2009.
“It is our expectation that weak demand conditions will exist for most, if not all of 2009,” he said.
The news comes on the heels of Canfor’s third quarter results. The company reported a net loss of $94.2 million, or $0.66 per share. This compares to a net income of $64.2 million for the second quarter of 2008.
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