TEMISCAMING, QC, Sept. 17 /CNW Telbec/ - Tembec today announced a one-week production curtailment at its Matane, Quebec pulp mill in order to balance inventory levels. The Matane hardwood high-yield pulp mill will stop production on September 21 and will resume production on September 28. This will result in approximately 5,000 tonnes of product not being produced. The Company will take advantage of this temporary shutdown to conduct maintenance work.
"This latest production curtailment follows recent announcements related to our Temcell and Tarascon pulp operations and is intended to prudently manage both inventory levels and working capital. This decision comes amidst declining pulp demand in Europe and Asia, prime markets for our Matane pulp mill. The shutdowns announced to date will reduce our total annual production by 21,500 tonnes," said Yvon Pelletier, Executive Vice President and President of the Pulp Group.
Management has informed employees of the Company's decision. The shutdown will affect roughly 60 out of the mills total workforce of 120.
The Matane mill has an annual production of 250,000 tonnes of hardwood high-yield pulp.
Tembec is a large, diversified and integrated forest products company which stands as the global leader in sustainable forest management practices. With operations principally located in North America and in France, the Company employs approximately 8,000 people. Tembec's common shares are listed on the Toronto Stock Exchange under the symbol TMB and warrants under TMB.WT. Additional information on Tembec is available on its website at www.tembec.com.
This press release includes "forward-looking statements" within the meaning of securities laws. Such statements relate to the Company's or management's objectives, projections, estimates, expectations or predictions of the future and can be identified by words such as "will", "anticipate", "estimate", "expect" and "project" or variations of such words. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of future developments. Such statements are subject to a number of risks and uncertainties, including, but not limited to, changes in foreign exchange rates, product selling prices, raw material and operating costs and other factors identified in our periodic filings with securities regulatory authorities. Many of these risks are beyond the control of the Company and, therefore, may cause actual actions or results to materially differ from those expressed or implied herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
