VANCOUVER, BC (News release) -- West Fraser Timber Co. Ltd. has declared a quarterly dividend of C$0.25 per share and is providing the following update on operating conditions through the end of August 2021. The Company will provide a further update as part of its third quarter earnings release scheduled for October 27 and does not anticipate providing another update before then.
The Board of Directors of the Company has declared a quarterly dividend of C$0.25 per share on the Common shares and Class B Common shares in the capital of the Company, payable on October 5, 2021 to shareholders of record on September 23, 2021.
Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.
Due to wildfires in British Columbia, slowing orders for forest products, constraints on the availability of resins used in the manufacture of panel products, transportation service interruptions and overall inventory levels, West Fraser has adjusted output at its British Columbia SPF, US South SYP, North American OSB and Canadian plywood facilities by between 5% and 10% of available capacity over the first two months of the third quarter of 2021.
West Fraser has reduced operating schedules at multiple locations and anticipates reduced operating rates through the remainder of the third quarter, depending on inventory levels, economic log supply, fire and other weather conditions, availability of labour due to the continuing impacts of COVID-19, availability of raw materials and transportation resources and customer needs.