Vancouver-based lumber producer Interfor (IFP) is cutting its production by 17% in the current
fourth quarter due to waning global demand for wood products.
The company said it's reducing its lumber output by a total of 200 million board feet of wood due
to deteriorating economic conditions globally that is reducing demand for lumber.
Interfor is one of the biggest lumber producers in the world with manufacturing capacity of three
billion board feet of lumber a year. The company employs about 3,500 people, mostly in British
Columbia.
The current production cut will be in place until January, when the company expects to resume
its normal schedule.
However, Interfor said it will monitor the market closely, particularly the housing sector, in case
further adjustments to its production schedule are needed.
Interfor is scheduled to release its third-quarter earnings on November 3. The company’s stock
is down 41% this year at $23.51 per share.
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