Employees at Terrace Bay Pulp will be out of work for one month, starting November 9, the ChronicleJournal reported…
Employees at Terrace Bay Pulp will be out of work for one month, starting November 9, the ChronicleJournal reported. Roughly 425 workers will be affected by Buchanan Forest Products’ decision to close the facility in response to weak pulp markets.
The closure is expected to slash 37,000 mt of pulp from the market, RBC Dominion Securities Growth & Yield Report noted.
“It’s bad timing, just before Christmas,” the ChronicleJournal reported Terrace Bay Mayor Mike King as saying. “But I think (pulp) companies in North America and Europe are simply responding to global (economic) conditions. “I’m sure some (workers) will try to take vacation time, if they can,” he added.
While news of closures has been commonplace as of late, the Terrace Bay plant had appeared relatively isolated from the struggling mills in its vicinity. As the ChronicleJournal noted, until recently, the mill had been in the process of hiring and training new tradespeople and installed a new cogeneration plant.
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