Interfor Corporation Continues Expansion Throughout the United States
Its strategic capital plan includes site preparation and mill readiness initiatives for previously announced $65 million enhancement projects at sawmills in Meldrim, Georgia and Monticello, Arkansas.
According to company officials, “the projects remain on track for completion in the first quarter of next year. These projects are designed to increase production capacity by approximately 150 million board feet per year, as well as generate other benefits related to costs and product mix.”
In addition, the Company said it received Board approval to proceed with three new strategic capital projects totaling $240 million at its Thomaston and Eatonton, Georgia and Georgetown, South Carolina sawmills. These projects include major modernizations and rebuilds, and are designed to increase production capacity by approximately 275 million board feet per year, as well as substantially reduce cash conversion costs, improve lumber recovery and enhance grade outturns and product mix.
In company’s second quarter report for 2018, released in August, officials said the projects are expected to be completed in various phases during 2019 to 2021.
The Company is also undertaking a number of machine center upgrades at certain mills in B.C., the U.S. Northwest and the U.S. South. These projects are planned for completion over the next 12 to 18 months.
The timeline for assessing and deciding upon greenfield sawmill opportunities in the Central Region of the U.S. South has been extended beyond mid-2018, as the Company focused on completing plans for its strategic capital projects. With those projects now underway, the Company is in a position to further develop greenfield opportunities over the coming months. A decision is dependent upon satisfactory conclusion of due diligence and assessment against Interfor’s investment criteria, company officials said.
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