Conifex Timber’s lenders approve restructuring plan

Conifex Timber announced that the agent for its lumber segment lenders approved in principle Conifex’s proposed asset divestment and restructuring plan. According to the announcement, the plan also provides additional credit support to Conifex to fund operations while it implements its asset divestiture plan. Pursuant to the plan, Conifex will…

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Arauco reports 10% decrease in sales for 3Q/2019

Arauco, one of the largest forestry companies in the world, reported that sales revenue reached USD 1,387.2 million during the third quarter of 2019, a decrease of 10.5 percent compared to the same period of 2018 (3Q-2018: USD 1,549.9). Adjusted EBITDA reached USD 238.2 million, a very sharp drop of…

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IKEA acquires 42,000 acres of forestland in East Texas

IKEA has acquired 42,000 acres of forestland in East Texas to source wood for its furniture, Dallas News reported.The Swedish furniture giant said the acquisition, coupled with the recent purchase of 18,000 acres in Southeast Oklahoma, nearly doubled its U.S. forestry portfolio to 125,000 acres.  “We are committed to manage…

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Sharp drop in Ghana’s wood products exports

Ghana recorded an export volume of 208,553 cu.m of wood products in the period January–August 2019, valued at EUR 106 million, according to the Timber Industry Development Division (TIDD). This represented decreases of almost 20% in volume and 9% in value compared with same period in 2018. Products for which…

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Canfor Corporation curtails operations at all British Columbia sawmills at the end of December

Canfor Corporation, an integrated forest products manufacturer, announced it will be curtailing operations at all British Columbia sawmills at the end of December 2019. According to the company’s announcement, all sawmills, with the exception of WynnWood, will be curtailed for two weeks from December 23 through January 3, with operations…

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