Aug. 29, 2016 - The B.C. government's new Climate Leadership Plan, unveiled last week, will see tree planting on 300,000 hectares of forests damaged by wildfire and pine beetle. The plan is being met with praise from some stakeholders, and skepticism from others.
August 25, 2016 - Doosan has expanded its dealer network with the addition of three new locations for Wesgroup Equipment — an authorized sales, service, parts and rental provider of Doosan equipment in British Columbia, Canada.Wesgroup Equipment is the parent company of Williams Machinery and Westerra Equipment. The dealership’s three new locations are Westerra Equipment, LP in Nanaimo (2130 Schoolhouse Road); Westerra Equipment, LP in Kamloops (585 Cree Road); and Williams Machinery, LP in Prince George (880 Great St., Unit 102).Wesgroup Equipment distributes Doosan articulated dump trucks, crawler excavators, wheel excavators, log loaders, material handlers and wheel loaders throughout British Columbia between all its locations. Wesgroup Equipment is now a one-stop shop, with Doosan equipment complementing the dealership’s existing Bobcat equipment offerings.With decades of proven success, Wesgroup Equipment prides itself on the commitment and experience of its employees, some of whom have been with the company for more than 20 years. Wesgroup Equipment president and CEO Dhar Dhaliwal says offering Doosan equipment throughout its network of stores provides a full solution to customers.The dealerships serve customers in the construction, forestry, mining, and oil and gas markets, as well as government municipalities.For more information, contact Wesgroup Equipment at 604-930-3377 or visit www.wesgroupequipment.com.About Doosan Infracore Construction Equipment AmericaDoosan Infracore Construction Equipment America, headquartered in West Fargo, N.D., markets the Doosan brand of products that includes crawler excavators, wheel excavators, wheel loaders, articulated dump trucks, material handlers, log loaders and attachments. With more than 160 heavy equipment dealer locations in North America, Doosan is known for an unmatched dedication to service and customer uptime, and durable, reliable products. Doosan is fast becoming a global force in heavy construction equipment. Doosan Infracore Construction Equipment America is a subsidiary of Doosan Bobcat Inc. For more information on Doosan products, visit DoosanEquipment.com.
Aug. 25, 2016 - The documentarian behind a new series about the B.C. forestry industry says there is a consensus among stakeholders that the industry is in need of an overhaul.
Aug. 24, 2016 - Morbark, LLC, has added a smaller flail option to its product line, the 223 Stand-alone Flail. Easy to transport, the model is efficient and robust for in-woods chipping applications.
Aug. 22, 2016 - Good times may be coming for Canada’s logging equipment dealers. More than half of Canadian loggers surveyed plan on replacing between two and five pieces of equipment within the next 24 months (excludes pick-up trucks).
Aug. 22, 2016 - Environmentalists are expressing concerns about the proposed harvest of 134 hectares of former Bowater land in Queens County, N.S., just south of a known habitat for endangered turtles. The proposal to clear cut the area has also raised concerns about how the province handles the public commenting process for proposed logging sites. Read the full story by the CBC.
Aug. 18, 2016 - Contractors, landscapers, farmers, rental professionals and other equipment owners who understand the value of compact equipment can now expect even more power, productivity and uptime on the job with the new John Deere large-frame G-Series skid steers (330G, 332G) and compact track loaders (331G, 333G).
Aug. 17, 2016 - University of Missouri researchers have found that logging operations can negatively affect soil density and water infiltration within forests, particularly along makeshift logging roads and landing areas where logs are stored before being trucked to sawmills.
Aug. 16, 2016 - Whether you are a director or officer of a private company or serve as a director of a community-owned organization, you must take all reasonable care and exercise due diligence to ensure that the company you represent protects the health and safety of its workers and complies with British Columbia’s Workers Compensation Act and Occupational Health and Safety (OH&S) Regulations.
Aug. 16, 2016 - Never do business with family. This a belief held firm by many people across many sectors. But in forestry, it is not uncommon to find second- and third-generation logging operations that have been passed down from one generation to the next.
Aug. 16, 2016 - It’s hard to find good help. This is a comment echoed in almost every industry by almost every manager at one time or another. The logging industry is far from an exception.
Aug. 16, 2016 - While harvesting fibre for Downie Timber in the Revelstoke, B.C. area this past winter, Mattey Bros. owner Dan Mattey Jr. – better known as Danny to his friends, family and co-workers – realized his operation could benefit from a few upgrades to deal with the bigger wood his crews were harvesting.
Aug. 26, 2016 - A group representing 30 First Nations in northern Manitoba wants to re-open discussions with the province about First Nation ownership of Tolko's The Pas mill.
Aug. 24, 2016 - Danfoss Power Solutions is pleased to announce its new MP1 closed circuit axial piston pumps are now in production.
Aug. 24, 2016 - When your employees have invested 20 years or more into learning their craft, it might pay to listen to what they have to say about any changes you have in mind. That's been the philosophy at Nova Scotia's Elmsdale Lumber Company. And so far, that approach has helped Elmsdale to remain one of the region's most consistently successful sawmills, through more than a century of industry ups and downs.
Aug. 23, 2016 - Tolko Industries announced yesterday that it will close its Manitoba operations on Dec. 2, 2016. The facilities in The Pas, Man., include an inactive sawmill, a chipping operation and a kraft paper mill, employing about 330 people.
Aug. 22, 2016 - The planned closure of the Tolko paper and sawmill in Manitoba is a blow to hundreds of families and the small northern community of The Pas, where the mill is one of the largest employers.
Aug. 22, 2016 - Councillors in Coldstream, B.C., have flagged the safety of dust mitigation technology that Tolko recently installed at its planer mill as a possible concern, among others, in a letter to the province's Ministry of the Environment.
Aug. 19, 2016 - It's been almost nine years since the Georgetown Timber plant in Georgetown, P.E.I., ceased operations, but thanks to the strategic vision and collaboration of local stakeholders and the provincial and federal governments, things will once again be busy on the yard.
Aug. 16, 2016 - Attendees at the Timber Processing & Energy Expo, Sept. 28-30 in Portland, Ore., will be the first in the industry to view Williams & White Equipment's RoboSharp grinder in operation as it loads and grinds saws on the show floor. Two years ago, Williams & White Equipment made a splash at the TP&EE with the introduction of the RoboSharp-AX10L2, a highly advanced Multi-Function Saw Sharpening Center. The RoboSharp was a major hit at the show, drawing mill owners, managers and saw filers from across the world to learn more about the future of saw sharpening and the most advanced grinder in the industry. The RoboSharp-AX10L2 is the only machine capable of top, face and side grinding on one machine. With two independent grinding heads, mills and sharpening shops are now able to top and face grind two blades simultaneously; addressing a proven bottleneck in saw sharpening. The AX10L2 also comes with robotic loading and automated tool changing, which enables full lights-out operation.Visit Williams & White at TP&EE in booth 817.
Aug. 16, 2016 - When it comes to keeping a sawmill’s debarkers running in tip-top shape and preventing unnecessary downtime, the key is proactive maintenance.
Aug. 16, 2016 - Interfor’s Acorn sawmill in Delta, B.C., has entered uncharted territory for North American mills, becoming the first sawmill on the continent to have a scanner installed that is approved to automatically measure log volume for trade.
Aug. 16, 2016 - Nestled on the Columbia River between the Selkirk and Monashee Mountain Ranges in Revelstoke, B.C., is Gorman Bros. Lumber’s Downie Timber. The 60-plus-year-old sawmill is the 8,500-person town’s largest employer with about 300 employees between the mill and its on-site sister company, Selkirk Cedar.
Aug. 16, 2016 - In the small town of Big River, lies the largest sawmill in all of Saskatchewan. The town of a little over 600 people, which sits about 130 kilometres northwest of Prince Albert, Sask. is home to Carrier Forest Products’ Big River sawmill.
Aug. 12, 2016 - Higher demand and strong sales to construction accounts are reasons behind Hardwoods Distribution Inc.'s increase in sales in the second quarter. The company reports that total sales increased by 9.5% to $157.0 million from $143.4 million in Q2 2015. Hardwoods' U.S. operations increased sales by 3.7% to $95.5 million (USD).
July 26, 2016 - Norbord Inc. reported Adjusted EBITDA of $94 million for the second quarter of 2016 versus $19 million in the second quarter of 2015 and $61 million in the first quarter of 2016. The improvement versus both comparative periods is primarily due to higher North American oriented strand board (OSB) prices and shipment volumes. North American operations generated Adjusted EBITDA of $85 million in the quarter compared to $11 million in the same quarter last year and $53 million in the prior quarter. European operations delivered Adjusted EBITDA of $11 million compared to $10 million in both comparative quarters. "Our financial and operational performance continued to improve in the second quarter. Our Adjusted EBITDA has increased for six consecutive quarters and so far in 2016, we have generated $120 million more in Adjusted EBITDA than this time last year. Further, our Adjusted earnings were more than double the first quarter," said Peter Wijnbergen, Norbord's President and CEO. "Our North American mills produced at 96% of stated capacity during the quarter. The benchmark OSB spot price is currently up 44% since its February low, the highest level in over three years. We see further upside to our performance as recovering US housing starts, particularly single-family, continue to drive increasing OSB demand." "In Europe, our panel business delivered a 10% improvement in Adjusted EBITDA. The underlying fundamentals of our European business remain favourable in spite of the political uncertainty following the Brexit referendum. The UK is a net importer of panelboard and as a primarily UK-based producer, the recent pressure on the Pound Sterling makes Norbord's domestically-produced panels more competitive than imports. Our modernization project at Inverness will lower our manufacturing costs and is underpinned by growing European OSB demand, largely driven by increasing substitution of OSB for higher cost plywood." Market Conditions In North America, year-to-date US housing starts were up 7% versus the same period last year. Single-family starts, which use approximately three times more OSB than multi-family, increased by 13% and single-family permits were 10% higher. The seasonally-adjusted annualized rate was 1.19 million in June. The consensus forecast from US housing economists is for approximately 1.20 million starts in 2016, which suggests an 8% year-over-year improvement. Second quarter North American benchmark OSB prices increased significantly from both the same quarter last year and the previous quarter as new home construction activity and OSB demand continue to improve. OSB prices increased rapidly during the month of May before pulling back in June, and the North Central benchmark price finished the quarter at $275 per thousand square feet (Msf) (7/16-inch basis). The North Central benchmark price averaged $264 per Msf for the quarter, compared to $193 per Msf in the same quarter last year and $226 per Msf in the previous quarter. In the South East region, where approximately 35% of Norbord's North American OSB capacity is located, benchmark prices averaged $245 per Msf in the quarter, compared to $174 in the same quarter last year and $215 in the prior quarter. In the Western Canada region, where approximately 30% of Norbord's North American capacity is located, benchmark prices averaged $242 per Msf in the quarter, compared to $152 in the same quarter last year and $191 in the previous quarter. In Europe, Norbord's core panel markets in the UK and Germany continued to experience strong demand growth in the quarter. Second quarter average panel prices were in line with both the same quarter last year and the previous quarter. OSB prices were stable in the UK and continued to rise on the continent, resulting in average prices that were 4% higher year-over-year and 2% higher quarter-over-quarter. Medium density fibreboard (MDF) and particleboard prices were 5% lower year-over-year due to increased import competition when the Pound Sterling was stronger earlier this year, but were in line with the previous quarter. Performance Norbord's North American OSB shipments increased 8% year-over-year and 11% quarter-over-quarter due to fewer maintenance and market shuts and improved mill productivity. Norbord's operating North American OSB mills produced at 96% of stated capacity (excluding the two curtailed mills in Huguley, Alabama and Val-d'Or, Quebec), up from 89% in the same quarter last year and 92% in the prior quarter. Capacity utilization increased versus both comparative periods due to improved productivity, as well as fewer maintenance shuts and production curtailments, partially offset by approximately three weeks of lost production due to the fire at the High Level, Alberta mill. Three of Norbord's North American mills achieved quarterly production records. Norbord's North American OSB cash production costs per unit (before mill profit share) decreased 6% year-to-date due to improved productivity, lower resin prices, improved raw material usages, fewer maintenance shuts and production curtailments and the weaker Canadian dollar, which were partially offset by higher supplies and maintenance costs. In Europe, Norbord's shipments were 5% higher than the same quarter last year and 6% higher than the prior quarter. The European mills produced at 104% of stated capacity in the quarter compared to 101% in the same quarter last year and 100% in the prior quarter due to improved productivity. One of Norbord's European mills achieved a quarterly production record. Norbord's mills delivered Margin Improvement Program (MIP) gains of $14 million year-to-date from improved productivity and lower raw material use as well as merger synergies and returns on recent capital investments. MIP gains are measured relative to the prior year at constant prices and exchange rates. In the 15 months since the merger with Ainsworth, Norbord has captured $32 million in cumulative merger synergies ($39 million annualized), or 87% of the $45 million total commitment. The Company remains on track to deliver its full $45 million target by the end of 2016. In addition to these synergies, the merger has enabled the Company to avoid significant cash outlays it would otherwise have had to incur. Norbord estimates this capital and operating cost avoidance at $18 million, which includes transferring formerly idle assets, maintaining lower inventory levels and optimizing the timing of supplier payments. In January 2016, the Board of Directors approved a $135 million investment over the next two years to modernize and expand the Company's Inverness, Scotland OSB mill. During the quarter, on-site construction work commenced and work began to move the unused second press from the Grande Prairie, Alberta mill to Inverness. Capital investments year-to-date were $34 million (including $6 million related to the Inverness project) compared to $28 million in the first half of last year. Norbord's 2016 regular capital expenditure budget is $75 million. In addition, the Company expects to spend $45 million on the Inverness project in 2016. Operating working capital was $163 million at quarter-end compared to $151 million at the end of the same quarter last year and $172 million at the end of the prior quarter. Working capital increased year-over-year primarily due to the impact of higher North American OSB prices on accounts receivable and the insurance receivable related to the High Level fire. Working capital decreased quarter-over-quarter primarily due to the seasonal inventory drawdown at the northern mills and the loss of log inventory due to the High Level fire (which is covered by insurance). Due to improved Adjusted EBITDA, cash generated from operations for the first six months of 2016 was $86 million compared with $55 million of cash consumed in the same period of 2015. At quarter-end, Norbord's unutilized liquidity improved by $50 million to $374 million and consisted of $12 million in cash and $362 million in unused credit lines. During the quarter, the Company repaid $55 million that had previously been drawn under the accounts receivable securitization program. In June 2016, the Company amended its bank lines to reset the tangible net worth covenant to $500 million and extend the maturity date for $225 million of the total aggregate commitment to May 2019. The remaining $20 million commitment matures in May 2018. The Company's tangible net worth was $799 million and net debt to total capitalization on a book basis was 48%. Both ratios remain well within bank covenants. Norbord has $200 million senior secured notes that are due in February 2017, which the Company intends to permanently repay at maturity using cash on hand, cash generated from operations and if necessary, by drawing upon the accounts receivable securitization program. Quarterly highlights On the back of strong North American pricing, we delivered Adjusted EBITDA of $94 million during the quarter (Adjusted earnings per share of $0.49) – over 50% more than the previous quarter. Across our global operations, manufacturing costs declined 4% year-over-year and we had record quarterly production at four mills. Our improved mill productivity enabled a 7% increase in sales volume year-over-year, consistent with the demand increases we had been forecasting. While still a small part of our revenues, sales to Asia are also improving, with exports to both Japan and China up over last year. We continue to make progress on the synergies from our merger with Ainsworth. To-date we have captured $39 million (annualized) in cumulative synergies, or 87% of our overall $45 million target. In addition to these synergies, our now larger post-merger operations have enabled us to avoid significant cash outlays we would otherwise have had to incur. We estimate this capital and operating cost avoidance at $18 million, which includes transferring and putting formerly idle assets to productive use, maintaining lower inventory levels and optimizing the timing of supplier payments. While we continue to allocate capital toward optimizing and growing our operations, we are also reducing our debt. During the second quarter we completely paid down our $55 million in accounts receivable securitization drawings, improving our liquidity position by more than $50 million to $374 million. Deleveraging remains a priority and we are committed to using our free cash flow and this liquidity to pay down our $200 million 2017 bonds when they come due next February. Well positioned to navigate political uncertainty in the UK While Norbord, like all companies active in the UK, is affected by the prevailing political environment following the referendum result, the underlying fundamentals and market dynamics that relate to our specific industry continue to be favourable. For context, our European business represents 24% of our shipments volume (of which about two-thirds remains in the UK) and contributed 12% of our Adjusted EBITDA this quarter. We are are well positioned to navigate the current economic uncertainties and this perspective is founded on two principal facts. First, OSB represents only about 45% of structural panel consumption in Europe compared to over 65% in North America. Substitution of OSB for higher cost plywood has been driving double-digit demand growth for the past several years. Since the vast majority of competing plywood is imported from outside Europe and denominated in US dollars, it has become 10% more expensive in the UK market since the referendum. Further, the UK is a net importer of OSB, MDF and particleboard, and Norbord is the largest domestic panelboard producer. The Pound Sterling has also devalued almost 10% versus the Euro, making our domestically produced panels even more appealing for UK customers. Second, there is a chronic undersupply of new housing in the UK. The UK government acknowledges that the number of new homes built annually needs to double from its current level. Over the past few years, a number of measures have been legislated to debottleneck the cumbersome planning process. This new supply may not be built out as quickly now as before the referendum, but the fact remains there is a housing gap that needs to be filled. While new home construction drives only about one-quarter of UK OSB demand, this continues to represent a significant opportunity for Norbord. We are confident the underlying fundamentals are positive and that we have the right strategy and operational approach in place. Our Inverness project is a unique and low-risk way to further strengthen our European business. Our $135 million project budget translates to $190 per thousand square feet of capacity. This is half the cost of greenfield and represents the new low water mark for capacity cost in our industry. The referendum has not changed the project economics and the benefits will be driven by significantly lowering the mill's manufacturing cost through the installation of larger scale, modern press technology that has been sitting idle at our Grande Prairie, Alberta mill. The opportunity is further underpinned by the site's access to a growing and low-cost wood basket in Europe.
July 25, 2016 - Toronto-based Norbord Inc. is positioned to profit from the rise in the OSB benchmark price after years of carefully building its presence in the OSB space. According to a feature in the Globe & Mail, North American OSB prices in the first quarter of 2016 were 17 per cent higher than last year. That, and Norbord's acquisitions in the OSB sector position it for solid growth and profitability after years of challenges.Chris Damas, an analyst and editor of BCMI Report, says the benchmark OSB price is now in the range of $306 (U.S.) per thousand square feet, well above the $229 15-year average.Once a diversified forestry company, Norbord shed assets over the years to focus on OSB. Now boasting annual sales in the $1.5-billion range and a market capitalization of about $2.4-billion (Canadian), it bills itself as the world’s largest producer of OSB. Read the complete feature here.
June 28, 2016 – The U.S. Court of International Trade released its public decision upholding the International Trade Commission’s (ITC) core findings that Chinese and domestic plywood differ so significantly the ITC was correct to conclude imports from China had no impact on the domestic industry’s competitive and financial position.
June 23, 2016 – Weyerhaeuser plans to close its lumber and plywood mill in Columbia Falls, Montana, this summer due to a “chronic” log shortage.
June 22, 2016 – Demand for cost-effective and environmentally friendly wood products is expected to drive the global engineered wood products market through 2020, according to a new forecast from Technavio.
June 6, 2016 - Back in the fall, Columbia Forest Products mills in the U.S. were producing such a high-quality veneer that the company was having to ship it north to its mill in Hearst, Ont. to keep up with Canadian demand. The demand was so great, that Columbia ended up investing $15 million into its production facility in Hearst to upgrade the plant’s core-peeling capabilities with the same Meinan state-of-the-art peeling technology used in its U.S. mill operations.
May 24, 2016 - Norbord Inc. announced that its OSB mill in High Level, Alta. resumed production over the weekend following a fire that occurred on May 4. As previously reported, in the afternoon of May 4, a fire broke out in the mill yard which, as a result of the hot, dry, windy weather conditions in northern Alberta, quickly spread to the log storage area outside the plant. As a precaution, Norbord immediately suspended production at the mill. Shipping from finished goods inventory resumed the weekend of May 6. The High Level mill has a stated annual production capacity of 860 million square feet (3/8-inch basis) and has been ramping up towards full production since resuming operations in late 2013. High Level is located approximately 720 kilometres northwest of Edmonton and 400 kilometres west of Fort McMurray. Norbord Profile Norbord Inc. is a leading global manufacturer of wood-based panels and the world's largest producer of oriented strand board (OSB). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard and related value-added products. Norbord has assets of approximately $1.7 billion and employs approximately 2,600 people at 17 plant locations in the United States, Canada and Europe. Norbord is a publicly traded company listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol "OSB". This news release contains forward-looking statements, as defined by applicable securities legislation, including statements related to our strategy, projects, plans, future financial or operating performance and other statements that express management's expectations or estimates of future performance. Often, but not always, forward-looking statements can be identified by the use of words such as "expect," "believe," "forecast," "likely," "support," "target," "consider," "continue," "suggest," "intend," "should," "appear," "would," "will," "will not," "plan," "can," "may," and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Norbord to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Although Norbord believes it has a reasonable basis for making these forward-looking statements, readers are cautioned not to place undue reliance on such forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predictions, forecasts and other forward-looking statements will not occur. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: assumptions in connection with the economic and financial conditions in the US, Europe, Canada and globally; risks inherent to product concentration and cyclicality; effects of competition and product pricing pressures; risks inherent to customer dependence; effects of variations in the price and availability of manufacturing inputs; risks inherent to a capital intensive industry; ability to realize synergies; and other risks and factors described from time to time in filings with Canadian securities regulatory authorities. Except as required by applicable law, Norbord does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by, or on behalf of, the Company, whether as a result of new information, future events or otherwise, or to publicly update or revise the above list of factors affecting this information. See the "Caution Regarding Forward-Looking Information" statement in the January 27, 2016 Annual Information Form and the cautionary statement contained in the "Forward-Looking Statements" section of the 2015 Management's Discussion and Analysis dated January 27, 2016 and Q1 2016 Management's Discussion and Analysis dated April 28, 2016. Source:Norbord Inc.
May 13, 2016 – Columbia Forest Products’ recently continued its expansion efforts across Ontario with the purchase of Kitchener, Ont.- based Nova Wood Lamination. The company purchased the shares of Nova Wood Lamination from its founding owners, Frank and Donna Decicco. "Frank, Donna and the rest of the Nova Wood Lamination team have built an outstanding reputation for delivering a diverse mix of high quality products and services to the decorative hardwood panel industry," said Columbia's executive vice-president of Canadian plywood and decorative veneer operations, Gary Gillespie. "We are extremely happy to bring the Nova lamination facility into the Columbia Forest Products family.” "The Nova Wood plant’s flexible, quality-based production line and its proximity to attractive Canadian and U.S. markets will give many Columbia customers a new competitive edge,” added Gilles Levesque, Columbia's general manager of Canadian plywood operations. Columbia's purchase of Nova Wood Lamination is the third major investment made by the company in the province over the past 12 months. The company also commissioned a new Meinan core peeling lathe at its Hearst, Ont. plywood plant this past fall and re-started hardwood veneer peeling operations in Rutherglen, Ont. earlier this month. "We are high on Ontario: its resources, suppliers, the close working relationships we enjoy with the government agencies, and especially, the dedicated workforce we employ across the province,” said Gillespie. About Columbia Forest Products Established in 1957, Columbia Forest Products has provided fine decorative hardwood plywood panels to the woodworking industry for nearly 60 years. Columbia’s decorative veneers and panels are used in high-quality cabinetry, fine furniture, architectural millwork and commercial fixtures. An employee stock owned firm (ESOP), Columbia is committed to offering products with integrity, originating from responsibly-managed forestlands and assembled with EPA award-winning PureBond® formaldehyde-free technology. All Columbia products are backed by exceptional customer service and technical support. Website address: www.cfpwood.com.
May 9, 2016 - Norbord Inc. today provided an update on the fire at its OSB mill in High Level, Alberta. As previously reported, in the afternoon of May 4, a fire broke out in the mill yard which, as a result of the hot, dry, windy weather conditions in northern Alberta, quickly spread to the log storage area outside the plant. As a precaution, Norbord immediately suspended production at the mill. Fire crews have contained the fire to one end of the log storage area outside the mill. Norbord continues to assess the damage and currently estimates that the mill should be able to resume production in two weeks. Shipping from finished goods inventory resumed over the weekend. The High Level, Alberta mill has a stated annual production capacity of 860 million square feet (3/8-inch basis) and has been ramping up towards full production since resuming operations in late 2013. High Level is located approximately 720 kilometres northwest of Edmonton and 400 kilometres west of Fort McMurray. Norbord Profile Norbord Inc. is a leading global manufacturer of wood-based panels and the world's largest producer of oriented strand board (OSB). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard and related value-added products. Norbord has assets of approximately $1.7 billion and employs approximately 2,600 people at 17 plant locations in the United States, Canada and Europe. Norbord is a publicly traded company listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol "OSB".
May 6, 2016 - A fire that broke out at Norbord's Oriented Stranded Board mill yard in High Level, Alta. on May 4 has now been contained, according to recent news reports. The fire started as a result of the hot, dry, windy weather conditions in northern Alberta, and spread to the log storage area outside the plant, the company stated. As a precaution, Norbord immediately suspended production at the mill. The company is in the process of assessing damage to the mill and the impact to its production schedule. All non-essential mill employees were safely evacuated and no injuries have been reported. The High Level, Alberta mill has a stated annual production capacity of 860 million square feet (3/8-inch basis) and has been ramping up towards full production since resuming operations in late 2013. High Level is located approximately 720 kilometres northwest of Edmonton and 400 kilometres west of Fort McMurray. In a press release, Norbord stated that the fire is not believed to be related to any forest fires in the surrounding area.
April 29, 2016 - Norbord Inc. reported Adjusted EBITDA of $61 million for the first quarter of 2016 versus $16 million in the first quarter of 2015 and $57 million in the fourth quarter of 2015. The year-over-year improvement is primarily due to higher North American oriented strand board (OSB) prices and shipment volumes as well as lower resin prices and the weaker Canadian dollar.
Aug. 26, 2016 - Brink Forest Products Ltd. has entered into an agreement with the BID Group of Companies to purchase Vanderhoof Specialty Wood Products Ltd.
Aug. 11, 2016 - With the recent closing of manufacturing plants in the North Bay, Ont., area, one can assume that most people living in the region were relieved to witness the reopening of Columbia Forest Product’s hardwood veneer plant in Rutherglen, Ont. The plant was reopened this past April with USD$1.5 million invested into the facility.
Aug. 10, 2016 - Acquisitions and high demand for residential lumber and railway ties accounts for Stella-Jones' strong second quarter sales results, up 31.5 per cent from one year ago. The company's sales reached $563.1 million, up from $428.1 million in the second quarter last year.
June 9, 2016 – Stella-Jones Inc. announced that its wholly-owned subsidiary, McFarland Cascade Holdings, Inc., has completed the acquisition of the equity interests of 440 Investments, LLC, the parent company of Kisatchie Treating, LLC, Kisatchie Pole & Piling, LLC, Kisatchie Trucking, LLC and Kisatchie Midnight Express, LLC (collectively, “Kisatchie”). Kisatchie produces treated poles, pilings and timbers, with two wood treating facilities in Noble and Pineville, La. Kisatchie’s consolidated sales for the year ended December 31, 2015 reached approximately US$51.8 million. The purchase price was US$42.5 million, including US$10.0 million of working capital, and is subject to post-closing adjustments. Stella-Jones has financed the transaction through a combination of debt financing and a vendor note. “The acquisition of Kisatchie allows Stella-Jones to further enhance its offerings in the North American wood treating industry. It is also consistent with our objective of steadily increasing shareholder value through selective acquisitions. We expect this transaction to yield synergies and to be immediately accretive to earnings, as we continue to optimize the overall efficiency of our continental network,” said Brian McManus, president and CEO of StellaJones. About Stella-Jones Stella-Jones Inc. (TSX: SJ) is a leading producer and marketer of pressure treated wood products. The company supplies North America’s railroad operators with railway ties and timbers, and the continent’s electrical utilities and telecommunication companies with utility poles. Stella-Jones also manufactures and distributes residential lumber and accessories to retailers for outdoor applications, as well as industrial products for construction and marine applications. The company’s common shares are listed on the Toronto Stock Exchange. Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the company. These statements are based on suppositions and uncertainties as well as on management’s best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the company’s products and services, the impact of price pressures exerted by competitors, the ability of the Company to raise the capital required for acquisitions, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
May 13, 2016 - Stella-Jones Inc. announced that its wholly-owned subsidiary, McFarland Cascade Holdings, Inc., has signed a definitive agreement to purchase the shares of Lufkin Creosoting Co., Inc. The signature of a non-binding letter of intent in respect of the proposed acquisition was announced by Stella-Jones on Feb. 3, 2016. Lufkin Creosoting produces treated poles and timbers at its wood treating facility in Lufkin, Texas. Its consolidated sales for the year ended December 31, 2015 reached approximately US$34.2 million. The definitive share purchase agreement provides for a purchase price of US$37.5 million which includes US$5.0 million of working capital and is subject to adjustments. The transaction is expected to close during the second quarter of 2016 and is subject to customary closing conditions. Stella-Jones plans to finance the transaction through a combination of debt financing and a vendor note. About Stella-Jones Stella-Jones Inc. is a leading producer and marketer of pressure treated wood products. The Company supplies North America's railroad operators with railway ties and timbers, and the continent's electrical utilities and telecommunication companies with utility poles. Stella-Jones also manufactures and distributes residential lumber and accessories to retailers for outdoor applications, as well as industrial products for construction and marine applications. The Company's common shares are listed on the Toronto Stock Exchange. Except for historical information provided herein, this press release contains information and statements of a forward-looking nature concerning the proposed acquisition described herein. These statements are based on suppositions, risks and uncertainties as well as on management's best possible evaluation of future events. Such risks and uncertainties include, without excluding other considerations, the failure to satisfy closing conditions and the failure to complete or delay in completing th e proposed acquisition for any other reason. As a result, readers are advised that actual results may differ from expected results and should not place undue reliance on forward-looking information.
May 9, 2016 - Monterra Lumber Mills Ltd., a remanufacturer of softwood lumber, pleaded guilty and has been fined $80,000 in the death of a delivery driver who was killed while lumber was being unloaded from the truck he had been driving. On November 12, 2013, a driver working for a shipping company was delivering a tractor trailer of bundles of lumber to Monterra's facility at 12833 Highway 50 South in Bolton. Upon arrival the driver was instructed to drive to the back of the yard; a lumber company worker would then unload the lumber. The driver drove to the back of the yard, then stood on the passenger side of the trailer, rolling up the straps that were securing the bundles of lumber. Each bundle consisted of 189 pieces of board measuring 16 feet long and weighing about 6,000 pounds. The lumber company worker drove a forklift to the tractor trailer and started to unload the bundles from the driver's side of the trailer. While removing the first bundle, an adjacent bundle on the passenger's side fell off the trailer and landed on the driver, causing fatal injuries. The driver was pronounced dead at the scene by emergency workers called to the scene. At the time of the incident, there were no measures in place such as barriers, warning signs or other safeguards for the protection of all workers in the yard where vehicle or pedestrian traffic may endanger the safety of any worker. The lumber company failed as an employer to ensure compliance with Section 20 of Ontario's Industrial Establishments Regulation, which states that "barrier, warning signs or other safeguard for the protection of all workers in an area shall be used where vehicle or pedestrian traffic may endanger the safety of any worker." Monterra Lumber Mills was fined $80,000 for the death by Justice of the Peace Samantha Burton in Caledon court on May 9, 2016. In addition to the fine, the court imposed a 25-per-cent victim fine surcharge as required by the Provincial Offences Act. The surcharge is credited to a special provincial government fund to assist victims of crime.
April 29, 2016 - Stella-Jones Inc. has announced its director election results following its annual meeting of shareholders
April 28, 2016 - Stella-Jones Inc. announced strong financial results for the first quarter ended March 31, 2016 thanks to solid growth in sales in the railway tie market.
March 16, 2016 – For the fifteenth year in a row, Stella-Jones Inc. has grown its net income. That announcement came as part of the company’s release of its financial results for the fourth quarter and fiscal year ended December 31, 2015.
February 16, 2016 - Luxor Industrial Corporation recently announced the closing of two definitive agreements providing for Luxor’s acquisition of two wood framing businesses in Canada and the U.S. In the United States, Luxor has purchased all of the equity interest of Mill Frame LLC, a Washington State limited liability company. Luxor is required to issue five million common shares of Luxor upon Mill Frame LLC generating $10 million in net sales and a further five million common shares of Luxor upon Mill Frame LLC generating an additional $10 million in net sales ($20 million in the aggregate). In the past 45 days, Luxor has announced three contracts secured by Mill Frame LLC that have a total value in excess of US $ 5,000,000 or CDN $ 7,000,000. “In the summer of 2015, I approached Luxor as a supplier of pre-fab walls; 10 years ago when the exchange rate was similar we had done some great wood business together in the U.S.,” stated Steve Conboy, president of Mill Frame. “This time I saw an opportunity to sell turnkey framing to U.S. builders and took a longer term view to partner up with Luxor. I am proud to join Luxor and its group of seasoned veterans.” In Canada, Luxor has purchased the book business and certain assets of Colt Builders Inc. of Alberta through Luxor’s subsidiary Mill Frame Inc. (Newco) which has acquired such assets for 40 per cent of the shares of Newco. Colt has agreed that it will exchange 20 per cent of its Newco shares in consideration for the issuance of 5 million common shares of Luxor upon Newco generating $10 million in net sales and will exchange the remaining 20 per cent of its Newco shares to Luxor in consideration for the issuance of an additional 5 million common shares of Luxor upon Newco generating an additional $10 million in net sales ($20 million in the aggregate). Upon achieving the milestones, Luxor will have the right to 100 per cent ownership of Newco shares. Closing of the acquisitions was not conditional upon financing, however, Luxor will be required to provide additional funds in order to execute on its business plan and grow the respective businesses. All of the vendors are arm’s length parties to Luxor. “Our team in Alberta is pleased to join Luxor,” said John Hunter, president of Colt. “We look forward to providing our many years of experience in turnkey framing to support Luxor’s expansion into the United States.” Prior to the above two acquisitions, Luxor has and continues to be involved in the development, engineering, manufacturing and marketing of engineered wood products and operates in the industrial, residential and commercial sectors. This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Luxor. There are numerous risks and uncertainties that could cause actual results and Luxor’s plans and objectives to differ materially from those expressed in the forward-looking information, including: adverse market conditions or the inability of Luxor to raise funds to execute on its business plan with respect to the recently acquired wood framing businesses. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Luxor does not intend to update these forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
February 3, 2016 - Stella-Jones Inc. announced that its wholly-owned subsidiary, McFarland Cascade Holdings, Inc., has signed a non-binding letter of intent to purchase the shares of Lufkin Creosoting Co., Inc. (Lufkin Creosoting). Lufkin Creosoting produces treated poles and timbers at its wood treating facility in Lufkin, Texas. Its consolidated sales for the year ended December 31, 2015 reached approximately US$34.2 million. The transaction, if finalized, is expected to close in April 2016 and is subject to customary conditions, including satisfactory due diligence and signature of a definitive share purchase agreement. Stella-Jones plans to finance the transaction through a combination of debt financing and a vendor note and may consider proceeding with an equity offering depending on market conditions. About Stella-Jones Stella-Jones Inc. (TSX:SJ) is a leading producer and marketer of pressure treated wood products. The company supplies North America's railroad operators with railway ties and timbers, and the continent's electrical utilities and telecommunication companies with utility poles. Stella-Jones also provides residential lumber to retailers and wholesalers for outdoor applications, as well as industrial products for construction and marine applications. The company's common shares are listed on the Toronto Stock Exchange. Except for historical information provided herein, this press release contains information and statements of a forward-looking nature concerning the proposed acquisition described herein. These statements are based on suppositions, risks and uncertainties as well as on management's best possible evaluation of future events. Such risks and uncertainties include, without excluding other considerations, the failure to satisfy closing conditions and the failure to complete or delay in completing the proposed acquisition for any other reason. As a result, readers are advised that actual results may differ from expected results and should not place undue reliance on forward-looking information.
January 26, 2016 - Luxor Industrial Corporation, a leading manufacturer and distributor of engineered commercial and residential wood building products, announced that it has partnered with Millennium Fire LLC to use its Millennium Advanced Framing Lumber technology (MAFL16) to protect wood. Luxor will initially apply this coating on its architectural wood products. Millennium Fire’s core product, which is MAFL16 has five key ingredients, one of which is a technology developed by No Burn Inc. that defends against fire. Additional key ingredients create a protective coating that defends against, mould, ultraviolet and moisture, which among other things protect the lumber during construction exposure. This MAFL16 coating will allow Luxor’s architectural products to meet the California Wildland, Urban Interface Codes. These new fire codes have been adopted in eight western U.S. states as a result of massive wildfires. Luxor will also market its architectural products in regions where fire codes have not been introduced so the national specifying community can select this advance lumber protection on their exterior wood details. The current exchange rate and Luxor’s factory proximity to the U.S. border provides an additional advantage in manufacturing these products for export. “No Burn is by far the best technically in the fire coating industry and Millennium is now their only OEM in North America,” said Steve Conboy, president and CEO of Millennium Fire LLC. “Luxor’s management team has experience with coating lumber and recognizes the value in coated wood to protect against things like fire and mould.” “We're pretty excited about the synergies that are occurring between No Burn Inc., Millennium Fire and Luxor, particularly with regards to Steve Conboy's value-added plan and program,” added Bill Kish, president and CEO for No Burn Inc. “We believe these treated products are going to be accepted and viewed as the new gold standard." For more information on Millennium Fire LLC, visit www.MFiress.com. Forward-looking statements This news release contains forward looking statements. Although Luxor believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Luxor can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional information may be accessed through the Sedar website: www.sedar.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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