Displaying items by tag: Canfor
Canfor Corporation (TSX:CFP) (“Canfor”) has agreed with Great Pacific Capital Corp. (“Great Pacific”) and 1227738 B.C. Ltd. (the “Purchaser”), a wholly-owned subsidiary of Great Pacific, to terminate the previously announced arrangement agreement dated October 28, 2019 (the “Arrangement Agreement”) with respect to the proposed plan of arrangement (the “Arrangement”) of Canfor.
Based on the Canfor shareholder votes cast by proxy prior to the December 16, 2019 proxy cutoff, the “majority of the minority” vote required to approve the Arrangement pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, will not be achieved.
Approximately 45% of the votes cast by proxy by minority shareholders as at the proxy cutoff were in favour of the Arrangement.
The special meeting of Canfor shareholders, scheduled for Wednesday, December 18, 2019 at 9:00 a.m. (Vancouver time), has been cancelled.
Pursuant to the Arrangement Agreement, the Purchaser will pay 50% of the actual reasonable out-of- pocket expenses incurred by Canfor in connection with the Arrangement from the date of the Arrangement Agreement to the date hereof. AST Trust Company (Canada), as depositary for the Arrangement, will be returning any physical share certificates that have been submitted by shareholders of Canfor in connection with the Arrangement forthwith in accordance with the instructions contained in the letters of transmittal.
Canfor plans to continue to diversify its business and pursue growth strategies in positioning itself for long-term success and sustainability.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. These forward- looking statements include, among others, statements relating to: the cancellation of the special meeting of Canfor shareholders; the Purchaser’s repayment of 50% of Canfor’s reasonable out-of-pocket expenses incurred in connection with the Arrangement; and Canfor’s ongoing business strategies and objectives. Words such as “expects”, “anticipates”, “projects”, “intends”, “plans”, “will”, “believes”, “seeks”, “estimates”, “should”, “may”, “could”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on current expectations and beliefs and actual events or results may differ materially.
Although Canfor believes that the forward-looking statements in this news release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking statements, including, without limitation, the following factors, many of which are beyond Canfor’s control and the effects of which can be difficult to predict: the possibility of adverse reactions or changes in business relationships resulting from the announcement of termination of the Arrangement Agreement; risks relating to Canfor’s ability to retain and attract key personnel; changes in economic conditions, interest rates or commodity prices; risks and uncertainties relating to information management, technology, supply chain, product safety, changes in law, competition, seasonality, commodity price and business; and other risks inherent to Canfor’s business and/or factors beyond its control which could have a material adverse effect on Canfor.
Canfor cautions that the foregoing list of important factors and assumptions is not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause Canfor’s actual results to differ from current expectations, please refer to the “Risks and Uncertainties” section of Canfor’s Management’s Discussion & Analysis for the year ended December 31, 2018, as well as Canfor’s other public filings, available at www.sedar.com and at www.canfor.com.
The forward-looking statements contained in this news release describe Canfor’s expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by applicable Canadian securities laws, Canfor does not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
Canfor is a leading integrated forest products company based in Vancouver, British Columbia (“BC”) with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas, as well as in Sweden with its recent majority acquisition of Vida Group. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor Shares are traded on The Toronto Stock Exchange under the symbol CFP.
Canfor Corporation announces that it has entered into an agreement to purchase the assets of Wynndel Box and Lumber Ltd., located in the Creston Valley of British Columbia.
Wynndel Box and Lumber produces premium boards and customized specialty wood products sold under the brand name WynnWood. It has access to exceptionally high-quality fibre, and will advance Canfor’s ability to produce a broader mix of higher value specialty products. The acquisition of assets includes a sawmill located in Wynndel, BC with an annual production capacity of 65 million board feet, and approximately 65,000 cubic metres of annual harvesting rights in the Kootenay Lake Timber Supply Area. The agreement is expected to close in the second quarter of 2016 and is subject to customary closing conditions.
“This acquisition will further increase our focus on specialty markets worldwide,” said Canfor Corporation President and CEO Don Kayne.
“We are pleased to further grow and diversify the product line we are able to provide to our global customers, and to welcome our new colleagues at WynnWood to Canfor.”
Canfor is a leading integrated forest products company based in Vancouver, British Columbia (“BC”) with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas. Canfor produces primarily softwood lumber and also owns a 51.9% interest in Canfor Pulp Products Inc., which is one of the largest producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor shares are traded on the Toronto Stock Exchange under the symbol CFP.
Canfor Corporation (TSX:CFP) is pleased to announce the purchase of the operating assets of Balfour Lumber Company and Beadles Lumber Company. The transaction includes two sawmills located in Thomasville and Moultrie, Georgia in an area with a high quality and sustainable fibre supply.
The Balfour and Beadles mills produce quality southern yellow pine lumber and the operations have a combined capacity of 210 million board feet after reflecting planned near term capital.
The purchase is structured with 55% being acquired in January 2015 and the balance after a two year period. “ The Balfour and Beadles sawmills are strong high performing assets in a supply area of sustainable and quality fibre.” said Canfor Corporation President and CEO Don Kayne. “These mills and the management team in Georgia will contribute to the strength of Canfor.”
The transaction is subject to standard closing conditions.
Canfor Corporation has announced that it has entered into a letter of intent with Groupe Lebel Inc. to sell the Daaquam sawmill located in Saint-Just-de-Bretenières, Quebec. The transaction is expected to close at the end of March, 2014 and is subject to customary closing conditions, including the execution of a formal agreement. The Daaquam mill produced 120 million board feet of lumber in 2013.
Don Kayne, CEO of Canfor said, “Daaquam was sold because it was not core to our Western Canadian operations. Groupe Lebel is a well respected company and Daaquam is a good strategic fit for it. We wish Groupe Lebel and all the employees of the Daaquam mill good luck in the future.”
The proceeds of sale of the Daaquam sawmill and working capital combined with the sale of other associated properties related to Daaquam to other third parties are expected to amount to approximately $25 million.
Canfor Corporation has announced that, subject to ratification of the tentative labour agreement between the Company and the United Steelworkers, the Company will proceed with capital investments totaling approximately $36 million to improve efficiency and recovery in its Houston, British Columbia sawmill.
The investment will include upgrades to primary and secondary breakdown lines and advancements in scanning and optimization technology.
“Our newly-strengthened fibre position in the Houston region allows us to proceed with this significant investment,” said Canfor Corporation President and CEO Don Kayne. “These capital improvements are designed to ensure we are able to operate a world-class facility in Houston for the long term, in all market conditions.”
Canfor Corporation recently announced a fibre exchange agreement with West Fraser Mills Ltd. which, when concluded, will see the Company add approximately 324,500 cubic metres of replaceable forest licence allowable annual cut in the Morice Timber Supply Area. Since 2010, the Company has invested more than $650 million in modernizing its British Columbia lumber, pulp and paper mills.
It is so easy to take our vast natural resources for granted. At Canfor we appreciate National Forest Week — Sept. 22 to 28 — because it gives us a chance to pause and reflect on the many benefits we receive from our vast forest resources.
Every year, National Forest Week reminds us how much we all rely on our forests. Canfor is one of the world’s largest forest products manufacturers, and we know our company’s current and future success depends on our commitment to managing forests sustainably.
This is a special year because we are celebrating our 75th anniversary. And as we look back on 75 years of success and to the bright future ahead for our company and our industry, National Forest Week lets us recognize the amazing forests and the skilled people who have made it possible for us to reach this milestone.
Canada’s forests have a big part to play in providing for our expanding world. Canfor’s quality wood, pulp and paper products offer a truly sustainable option to meet people’s needs — and the world is taking notice.
That’s good news because when customers choose products made in efficient, modern facilities with wood fibre from well-managed forests, the world’s forests win. Canfor is proud to supply our customers around the globe with products they can trust come from responsible operations. There is a role for wood to improve the environmental performance of almost every project — whether it is a single family wood-frame home in Vancouver or a hybrid concrete-wood institutional structure in China. Wood use offers a rare opportunity to truly do more with less and, as recognition grows, so too does the demand for our products.
As global populations grow, governments are looking for ways to meet the needs of their people in a way that is affordable, renewable and safe — and wood products certainly meet all three criteria. B.C. lumber, pulp and paper products are shipping across North America and across the Pacific to fill these needs already, and that’s good news for our future in British Columbia.
And while our thriving forest products industry meets needs around the world, here in Canada it opens doors for young people and families to create rewarding lifestyles in some of the best communities in the country.
The industry has changed over time — today we offer a variety of professional positions and skilled trade opportunities for talented men and women. Our biologists, professional foresters and nursery specialists help us manage forests sustainably; our engineers, millwrights and mechanics run our modern, highly capitalized mills.
We are proud of the high standards we’ve put in place over the last decade. This includes third-party certification of our forest operations and our mills. Certification offers independent evidence that, among other things, we are replanting forests promptly, supporting robust measures to protect wildlife habitat and diversity, and conserving recreation opportunities for our communities. Canfor is one of the few companies in the world able to offer products certified under all three of the major certification programs in North America — the Canadian Standards Association, the Forest Stewardship Council and the Sustainable Forestry Initiative. We are proud of our commitment to forest certification, and the opportunities it provides for the public to participate in and understand how we manage our forestlands.
Innovation is leading the forest industry into the future, as leaps in technology and new ways of thinking allow us to make more out of less, cut down on waste, and convert wood by-products into clean-burning biofuel.
At Canfor, we make the best use of every tree we harvest — turning virtually all of our fibre into useful products. We are reducing our carbon footprint by using wood residuals to fuel and heat our operations and by decreasing our overall energy consumption. Our pulp and paper operations generate green energy from biomass and provide surplus energy to the power grid.
These are the first steps forward as we continue to be more sustainable, more adaptable, and more resilient to changes in our forests and in the world economy.
Canadian forests build our homes, provide jobs in our communities, store carbon from our atmosphere, and are naturally renewable — so they’ll continue doing all that and more for generations to come. This National Forest Week, take a moment to appreciate our gifted place among the greenest forests in the world.
Don Kayne is president and CEO of Canfor.
c/o source: vancouversun.com
Canfor Corporation has announced that it has entered into a phased purchase agreement with Scotch & Gulf Lumber, LLC. Headquartered in Mobile, Alabama, Scotch Gulf's primary operations consist of three sawmills in Mobile, Fulton and Jackson, Alabama, producing Southern Pine dimension lumber products. With origins dating back 125 years, Scotch Gulf is one of the premier Southern Yellow Pine producers in the southern U.S. Reflecting planned near-term capital investments, the operation has a combined production capacity of 440 million board feet.
The transaction involves the phased purchase by Canfor of Scotch Gulf over a three-year period, at an aggregate purchase price, excluding working capital, of $80 million. Canfor's initial 25% interest will increase over the three year period to 50% after 18 months and 100% at the end of the term.
"This agreement provides access to an exceptional fibre base, increases our Southern Pine production capacity to more than a billion board feet and will improve our ability to serve our valued US customers," said Canfor President and CEO, Don Kayne. "Scotch Gulf's values and approach to the market are closely aligned with those of Canfor, and we are extremely pleased to have been given this opportunity to work with the Scotch Gulf management team to integrate that company's operating assets and extensive history with our broader North American operations."
The transaction is subject to standard closing conditions and is expected to close in the third quarter of 2013.
SOURCE: Canfor Corporation
CIBC dropped their price target on shares of Canfor Pulp Products (TSE: CFX) from C$25.00 to C$24.00 in a research note issued on Tuesday, StockRatingsNetwork reports. The firm currently has a “sector outperform” rating on the stock. CIBC’s price objective would indicate a potential upside of 182.35% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at Salman Partners raised their price target on shares of Canfor Pulp Products from C$22.00 to C$22.50 in a research note to investors on Friday, May 3rd. They now have a “hold” rating on the stock. Separately, analysts at TD Securities raised their price target on shares of Canfor Pulp Products from C$10.50 to C$11.00 in a research note to investors on Thursday, May 2nd. They now have a “hold” rating on the stock. Finally, analysts at Raymond James downgraded shares of Canfor Pulp Products from a “strong-buy” rating to an “outperform” rating in a research note to investors on Thursday, May 2nd. They now have a C$14.50 price target on the stock.
Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Canfor Pulp Products currently has a consensus rating of “Hold” and an average price target of C$19.00.
Canfor Pulp Products (TSE: CFX) traded down 1.05% on Tuesday, hitting $8.50. Canfor Pulp Products has a 1-year low of $7.60 and a 1-year high of $12.21. The stock’s 50-day moving average is currently $10.75. The company has a price-to-earnings ratio of 50.53.
Canfor Pulp Products Inc. (TSE: CFX), is engaged in investing in pulp and paper producing assets.
Canfor Pulp Products Inc. (TSX:CFX) has announced that it has received regulatory approval for a normal course issuer bid to purchase for cancellation up to 3,563,489 Common Shares or approximately 5% of the 71,269,790 Shares outstanding on February 25, 2013, at prevailing market prices in accordance with the rules of The Toronto Stock Exchange. The normal course issuer bid will commence on March 5, 2013 and continue until March 4, 2014, unless completed or terminated earlier. Canfor Pulp believes the normal course issuer bid is in the best interests of the company. Purchases of Common Shares made under the bid will be effected through the facilities of the TSX, alternative trading systems, or as otherwise previously approved by the TSX.
Canfor Pulp's parent company, Canfor Corporation, has today also announced its initiation of a normal course issuer bid for the purchase of up to 5% of its issued share capital, through the facilities and in accordance with the Rules of The Toronto Stock Exchange.
Purchases will be made at the discretion of the Company at prevailing market prices, through the facilities of the TSX, in compliance with regulatory requirements. Daily purchases will be restricted to not more than 21,188 shares, representing 25% of the average daily trading volume of the Company's shares on the TSX, subject to certain prescribed exemptions. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program. The Company may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements. The Company intends to hold all shares acquired under the issuer bid for cancellation. The Company has not purchased any of its common shares in the last 12 months.
Joe Nemeth, President and CEO of Canfor Pulp Products Inc. which owns 49.8% of Canfor Pulp Limited Partnership, has announced three major new investments in innovation for the company in a ceremony opening the new Canfor Pulp Innovation Centre in Burnaby, BC.
Noting that CPLP is the largest producer of market kraft pulp in British Columbia, and the third largest in the world, Mr. Nemeth stated that “Innovation is the cornerstone of globally successful companies. This major investment of more than $10 million is aimed at securing our future as a global leader in pulp.”
The Canfor Pulp Innovation Centre will have an annual operating budget of $2 million and a laboratory of 6,400 square feet. Its staff of nine technical professionals will perform research on a host of challenges and opportunities important to CPLP. Key equipment items in the Centre are a pilot refiner for simulating paper mill treatment of pulps, and extensive, advanced technical instruments for testing pulp and paper.
Complementing CPLP’s in-house research, Mr. Nemeth also announced the company’s commitment to a new research grant program: a collaboration between CPLP and the University of British Columbia and the University of Northern British Columbia. The program will provide a total of $225 thousand over the next three years to university faculty for novel research projects in areas relevant to CPLP’s mandate. “We want to encourage the wealth of academic talent at UBC and UNBC to dedicate renewed efforts and enthusiasm toward the manufacture and development of products from our forest resource, and thereby contribute to the future of one of the largest and most consistent contributors to provincial GDP”, said Mr. Nemeth.
The third initiative is a set of partnerships with government in collaboration with equipment suppliers to implement advanced sensing technology in all three of CPLP’s Prince George mills. CPLP’s investment of $8 million in these technologies will include the Metso Quality Vision System, the Eurocon PulpEye and two sensors developed by FPInnovations in Vancouver. The FPInnovations sensors consist of a patented fibre wall thickness measurement sensor and a specialized wood chip sensor. This comprehensive initiative in sensing technology is supported by matching funding of $2.4 million from Natural Resources Canada and $2.1 million from the BC Ministry of Forests, Mines and Lands. It will provide CPLP with unique capabilities for monitoring the quality of its fibres on-line and thereby provide information to adjust operations and maximize pulp value recovery from the sawmill-produced wood chips it uses.
Representatives from the beneficiaries of CPLP’s research grant program praised these initiatives. Professor Gail Fondhal, Vice President, Research of UNBC in Prince George lauded the grants program saying, “We welcome this contribution as it supports our growing research programs and builds closer links with CPLP whose mills are within view of our campus.” Similarly, Professor Tyseer Aboulnasr, Dean of Applied Science at UBC commended CPLP’s commitment to innovation and in particular, “This valuable University program will enhance and continue UBC’s longstanding link with the industry through our Pulp and Paper Centre.” The program complements existing CPLP initiatives and others currently under development with various universities across Canada.
In closing, Mr. Nemeth noted that CPLP employs 1,200 people in BC and annually produces pulp and paper products worth $1 billion. “Our pulps and papers are recognized around the world as premium products. To remain competitive in a changing marketplace, we must be at the forefront of technologies that affect the production and optimal end-use of our pulps. These innovation initiatives are important steps to accomplish this.”