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West Fraser Timber Co. Ltd. ("West Fraser" or the "Company") (NYSE:WFG) announced today that it will indefinitely curtail its sawmill in Lake Butler, Florida by the end of this month. Today's decision is the result of high fiber costs and soft lumber markets.
The indefinite curtailment of Lake Butler Sawmill will impact approximately 130 employees and reduce West Fraser's U.S. lumber capacity by approximately 110 million board feet. West Fraser expects to mitigate the impact on affected employees by providing work opportunities at other company operations.
High fiber costs at Lake Butler and the current low-price commodity environment have impaired the ability to profitably operate the mill. The indefinite curtailment of Lake Butler sawmill better aligns our U.S. lumber capacity with demand.
West Fraser anticipates taking an impairment charge in the third quarter of 2024 associated with the announcement.
Posted In: WFG
