Particle.news
Download on the App Store
6 ARTICLES
·
8mo ago

Interfor Exits Quebec, Sells Operations for $30 Million

The lumber company cites economic challenges and forest fires as reasons for its strategic shift away from Quebec.

Logs are seen in an aerial view stacked at the Interfor sawmill, in Grand Forks, B.C., on May 12, 2018. A British Columbia First Nations leader says the province must rethink its approach to the forest industry in light of Canfor Corp.'s decision to shutter two sawmills and leave 500 workers without jobs. THE CANADIAN PRESS/Darryl Dyck

Overview

  • Interfor Corp. is selling its three manufacturing facilities in Quebec and closing its Montreal corporate office.
  • The sale includes sawmills in Val-d’Or and Matagami, and a remanufacturing plant in Val-d’Or, sold to Chantiers Chibougamau Ltée.
  • Interfor will receive $30 million in cash from the sale and enter a multi-year lumber supply contract with CCL.
  • The decision to leave Quebec was influenced by limited economic fibre availability due to record forest fires in 2023.
  • Interfor expects an impairment charge in its third quarter but excludes any duty deposits from the U.S.-Canada lumber trade dispute.