Canfor greenlights $40M investment
Canfor Corp. said Monday it will go ahead with a $40-million upgrade of its Elko sawmill in British Columbia.
By John Tenpenny
The investment will include upgrades to the sawmill, increased kiln drying capacity and construction of a planer mill complex.
The company said work will start in the first quarter of next year and is expected to be complete in the third quarter.
Canfor bought the Elko sawmill and another in Canal Flats in a $60-million deal for Quebec-based forestry company Tembec’s assets in B.C.’s Southern Interior.
The deal for the two mills was announced last year and closed in March.
“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.