Alberni Pacific Division Working Group Update
Press Release
April 27, 2023 – Vancouver, British Columbia – Western Forest Products Inc. (TSX:WEF) (“Western” or the “Company”) today announced that the Company has concluded the 90-day Alberni-Pacific Division (“APD”) working group process and has commenced negotiations on proposals it has received.
The Company previously announced it would not restart its APD facility in its current configuration and had established a multi-party working group to explore viable industrial manufacturing solutions for the site over a 90-day period. That process has now concluded, and the Company has commenced negotiations and due diligence processes related to the proposals received. While the timeline and outcome for these processes are unknown, the Company expects to be able to provide an update by the end of the second quarter of 2023.
“On behalf of Western, I want to offer my sincere thanks to the working group members for their contributions and commitment to working with us to find the best possible path forward for APD,” said Western’s President and CEO Steven Hofer. “While the outcome of the negotiations is uncertain at this time, we believe the working group process has provided an important step forward to finding a positive solution for APD.”
Operations at APD have been curtailed since fall 2022 and will remain curtailed through the negotiations.
About Western Forest Products Inc.
Western is an integrated forest products company building a margin-focused log and lumber business to compete successfully in global softwood markets. With operations and employees located primarily on the coast of British Columbia and Washington State, Western is a premier supplier of high-value, specialty forest products to worldwide markets. Western has a lumber capacity in excess of 1.0 billion board feet from seven sawmills, as well as operates four remanufacturing facilities and two glulam manufacturing facilities. The Company sources timber from its private lands, long-term licenses, First Nations arrangements, and market purchases. Western supplements its production through a wholesale program providing customers with a comprehensive range of specialty products.
For further information, please contact:
Investor Inquiries:
Stephen Williams
Executive Vice President & Chief Financial Officer
(604) 648-4500
Media Inquiries:
Babita Khunkhun
Senior Director, Communications
(604) 220-4923
IBF4
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