Tembec to invest in Ontario sawmills
Jan. 30, 2015 – Tembec has announced that it will spend $50 million over the next five years to upgrade its Ontario-based sawmills.
According to a report from The Canadian Press, the investment will bring the Ontario mills to the same standard as sawmills in British Columbia.
Tembec President and CEO James Lopez also noted that his company is prepared to spend up to $35 million to upgrade its three Quebec-based sawmills, but not until the cost of logs goes down. Currently, log prices in Quebec are the highest in North America and are approximately 20% higher than Ontario.
The information was presented prior to Tembec’s annual meeting, where it was announced that it had lost $62 million in the first quarter.