UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2023
Commission File No. 001-39974
WEST FRASER TIMBER CO. LTD.
(Translation of registrants name into English)
501- 858 Beatty Street
Vancouver, British Columbia
Canada V6B 1C1
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ☐
SUBMITTED HEREWITH
Exhibits |
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99.1 | News release dated January 10, 2023 re: West Fraser Announces Indefinite Curtailment of Perry Sawmill |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: January 10, 2023
WEST FRASER TIMBER CO. LTD.
/s/ Christopher A. Virostek |
Christopher A. Virostek |
Senior Vice-President, Finance and Chief Financial Officer |
Exhibit 99.1
For Immediate Release
WEST FRASER ANNOUNCES INDEFINITE CURTAILMENT OF PERRY SAWMILL
VANCOUVER, B.C., January 10, 2023 West Fraser Timber Co. Ltd. (West Fraser or the Company) (TSX and NYSE: WFG) announced today that it will indefinitely curtail its Perry Sawmill in Florida later this month. Todays decision is the result of high fiber costs and softening lumber markets.
The indefinite curtailment of Perry Sawmill will impact approximately 126 employees and will reduce West Frasers US lumber production by 100 million board feet. West Fraser expects to mitigate the impact on effected employees by providing work opportunities at other West Fraser operations.
High fiber costs at Perry and a low-price commodity environment have impaired its ability to profitably operate. The indefinite curtailment of Perry Sawmill better aligns our production capacity with demand.
West Fraser anticipates taking an impairment charge in the fourth quarter of 2022 associated with the indefinite curtailment.
About West Fraser
West Fraser is a diversified wood products company with more than 60 facilities in Canada, the United States, the United Kingdom, and Europe. From responsibly sourced and sustainably managed forest resources, the Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals, and renewable energy. West Frasers products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials. For more information about West Fraser, visit www.westfraser.com.
Forward-Looking Statements
This news release contains forward-looking information or forward-looking statements (collectively, forward-looking statements) within the meaning of applicable securities laws, including those relating to the Companys indefinite curtailment of the Perry Sawmill, anticipated impairment charge in the fourth quarter of 2022 as well as related workforce impact and our ability to mitigate the impact on effected employees and better align production capacity with demand. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us considering our experience and our perception of historical trends and current conditions, including our assessment of higher fiber supply costs, the low-price commodity environment
and our ability to operate the Perry Sawmill profitably and are subject to inherent risks and uncertainties. Readers should also refer to the risk factors set forth in the Companys annual information form and managements discussion and analysis for the year ended December 31, 2021, each dated February 15, 2022, as updated in our managements discussion and analysis for the nine months ended September 30, 2022, dated October 26, 2022, each available at SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml). There can be no assurance that the plans, intentions, or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
For More Information
Media Contact
Joyce Wagenaar
Director, Communications
Tel. (604) 817-5539
media@westfraser.com
Investor Contact
Robert B. Winslow, CFA
Director, Investor Relations & Corporate Development
Tel. (416) 777-4426
shareholder@westfraser.com