Canfor Corporation announced today that the Company will proceed with capital investments totaling an estimated $40 million in its Elko sawmill, located in the Kootenay region of British Columbia. This investment is part of a multi-year capital investment program aimed at enhancing productivity and cost performance across the company.
The Elko investment will include upgrades to the sawmill, increased kiln drying capacity as well as the construction of a greenfield planer mill complex. The Elko capital project will commence in Q1 2013, with anticipated completion in Q3 2013.
“These investments are aligned with our strategic investments in our Kootenay assets, and are necessary to ensure our Elko facility can operate competitively in all market conditions,” said Don Kayne, President and CEO of Canfor Corporation.
Canfor is the largest forest company in British Columbia, directly employing more than 3,500 people in the province in highly skilled, well paid and stable jobs. Over the last three years, the company has invested $372 million in our facilities in British Columbia. These major capital investments have included the restart our Radium and Vavenby facilities, and other significant spending aimed at keeping our mills competitive to ensure economic operation and continued, stable employment. The reopening of our Vavenby and Radium mills resulted in the creation of 305 direct jobs, combined with significant downstream benefits to local economies.