Canfor Corp. (TSX: CA:CFP) announced yesterday it will invest $46.7 million in upgrades to its mills in Prince George and Grande Prairie, Alberta.
The upgrades include a new cogeneration facility – to be built by TransAlta – at its Grande Prairie mill. Planers at both Grande Prairie and Prince George sawmills will also be upgraded.
The projects are part of a capital spending plan for 2011 totalling $140 million, and a three-year strategic plan that calls for total investment in sawmill improvement projects of $300 million.
Don Kayne, Canfor president and CEO, said: “We are continuing to invest significantly in modernizing our Canadian facilities. Going forward, our capital investment program will continue to enhance productivity and cost performance.”
At end of day yesterday Canfor shares were trading down $0.07 to $10.20.
Jennifer Harrison