Interfor is using the New Year as an opportunity to get its house in order.
Interfor is using the New Year as an opportunity to get its house in order.
The past few weeks have kept the company busy with several restructuring initiatives, including the sale of its 60% stake in MV Skauboard, the proceeds from which it turned over to shareholders in the form of dividends.
The company sold the balance of the former Bay Lumber site in Pitt Meadows, BC, and also finalized the compensation relating to the loss of subcontractor harvesting rights held by Helifor Industries Limited under the terms of BC’s Forest Revitalization Plan. Interfor also paid out severance to employees of its Field Sawmill in Courtenay, BC.
Included in the restructuring process were two closures. The company has announced the permanent shutdown of its Marysville, WA sawmill, as well as its Fraser Reman operation in Coquitlam, BC.
Overall, the company expects that combined, these initiatives will generate proceeds in the ballpark of $30 million after severance payments, money it intends to use to ‘strengthen its balance sheet’ and improve its ability ‘to pursue opportunities which add long-term value.’
Print this page
