Canfor to invest C$46.7M modernizing Grande Prairie, Alberta, facility and Prince George Sawmill in British Columbia; plans to spend C$300M over three years on sawmill improvements

Lorena Madrigal

VANCOUVER, B.C. , July 29, 2011 (press release) – Canfor Corporation (TSX:CFP) announced today that, following a review with its Board of Directors, the Company will be proceeding with capital improvement projects totaling $46.7 million at its Grande Prairie, Alberta facility and at the Prince George Sawmill in British Columbia.

In Grande Prairie, investments include the purchase of a cogeneration facility from TransAlta and a planer upgrade. A planer upgrade at Prince George Sawmill was also included in the approved capital investment package.

The projects are part of a capital spending plan for 2011 totaling $140 million, and a three year strategic plan that calls for total investment in sawmill improvement projects of $300 million.
"We are continuing to invest significantly in modernizing our Canadian facilities," said Don Kayne, Canfor President and CEO. "Going forward, our capital investment program will continue to enhance productivity and cost performance."

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