TORONTO, June 26, 2017 /PRNewswire/ - Norbord Inc. (TSX
and NYSE: OSB) today announced that the Quebec Minister of Forests, Wildlife and Parks
has granted the Company a wood allocation for its curtailed
Chambord, Quebec OSB mill that
will take effect April 1,
2018.
"We are very pleased to have secured a wood allocation for our
Chambord, Quebec mill so soon
after acquiring it in the fall of 2016, and this is an important
first step toward restarting production at the mill," said Peter
Wijnbergen, Norbord's President and CEO. "Market conditions
continue to improve and we believe will support an eventual restart
of the Chambord mill. In the
meantime, we continue to develop our detailed engineering plan to
support the investment needed to ensure the mill's long-term
viability. We greatly appreciate the support we've received so far
from government officials and the local community."
Norbord acquired the Chambord OSB mill in the fall of 2016
following an asset exchange. The Chambord mill was built in the 1980s and has a
stated capacity of 470 million square feet (3/8- inch basis).
Production from the mill was indefinitely curtailed by its previous
owner in 2008.
In addition to the Chambord
mill, Norbord's assets in Quebec
include an operating OSB mill in La
Sarre and a technology research and development centre in
St-Laurent. Over the last five
years, the Company has invested more than US$35 million to improve and ensure the
La Sarre mill's long-term
competitiveness, including significant investments in new
technology, equipment and processes.
Norbord Profile
Norbord Inc. is a leading global manufacturer of wood-based
panels and the world's largest producer of oriented strand board
(OSB). In addition to OSB, Norbord manufactures
particleboard, medium density fibreboard and related value-added
products. Norbord has assets of approximately $1.8 billion and employs approximately 2,600
people at 17 plant locations in the
United States, Canada and
Europe. Norbord is a
publicly traded company listed on the Toronto Stock Exchange and
New York Stock Exchange under the symbol "OSB".
This news release contains forward-looking statements, as
defined by applicable securities legislation, including statements
related to our strategy, projects, plans, future financial or
operating performance and other statements that express
management's expectations or estimates of future performance.
Often, but not always, forward-looking statements can be identified
by the use of words such as "set up," "on track," "expect,"
"estimate," "forecast," "target," "outlook," "schedule,"
"represent," "continue," "intend," "should," "would," "could,"
"will," "can," "might," "may," and other expressions which are
predictions of or indicate future events, trends or prospects and
which do not relate to historical matters identify forward-looking
statements. Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Norbord to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements.
Although Norbord believes it has a reasonable basis for
making these forward-looking statements, readers are cautioned not
to place undue reliance on such forward-looking information.
By its nature, forward-looking information involves numerous
assumptions, inherent risks and uncertainties, both general and
specific, which contribute to the possibility that the predictions,
forecasts and other forward-looking statements will not
occur. Factors that could cause actual results to differ
materially from those contemplated or implied by forward-looking
statements include: assumptions in connection with the economic and
financial conditions in the US, Europe, Canada and globally; risks inherent to product
concentration and cyclicality; effects of competition and product
pricing pressures; risks inherent to customer dependence; effects
of variations in the price and availability of manufacturing
inputs, including continued access to fibre resources at
competitive prices; availability of rail services and port
facilities; various events that could disrupt operations, including
natural or catastrophic events and ongoing relations with
employees; impact of changes to, or non-compliance with,
environmental regulations; impact of any product liability claims
in excess of insurance coverage; risks inherent to a capital
intensive industry; impact of future outcomes of tax exposures;
potential future changes in tax laws; effects of currency exposures
and exchange rate fluctuations; future operating costs,
availability of financing, impact of future cross-border trade
rulings or agreements; ability to implement new or upgraded
information technology infrastructure; impact of information
technology service disruptions or failures; and other risks and
factors described from time to time in filings with Canadian
securities regulatory authorities.
Except as required by applicable law, Norbord does not
undertake to update any forward-looking statements, whether written
or oral, that may be made from time to time by, or on behalf of,
the Company, whether as a result of new information, future events
or otherwise, or to publicly update or revise the above list of
factors affecting this information. See the "Caution
Regarding Forward-Looking Information" statement in the
February 2, 2017 Annual Information Form and the
cautionary statement contained in the "Forward-Looking Statements"
section of the 2016 Management's Discussion and
Analysis dated February 2, 2017 and
Q1 2017 Management's Discussion and Analysis dated May 1, 2017.
SOURCE Norbord Inc.