Skeena Sawmills seeks government funding amid COVID-19
Skeena Sawmills is seeking $15 million of government funding to assist in operating costs and to upgrade its aging sawmill during the COVID-19 pandemic. The mill’s older equipment is currently unable to keep up to demand from Asian markets.
The company has relied on financing from owner Teddy Cui, a Chinese property developer who purchased the company in 2011. However, Cui’s businesses in China have slowed significantly because of the pandemic. Skeena Sawmills is looking for funding from both the B.C. government and the federal government. “It’s not a bailout for us, it’s simply operating capital,” said Skeena Sawmills CEO Roger Keery in a report by Terrace Standard.
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