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PRESS RELEASE
For immediate release: May 29, 2007
Tolko takes veneer downtime
Vernon B.C. - Today Tolko Industries Ltd. announced it will take market-related downtime at its veneer operations in Lumby, Armstrong, and Kelowna, B.C.
“The decline in housing starts has resulted in depressed veneer and plywood pricing on both sides of the border,” says Jim Baskerville, Regional Manager, Okanagan Operations. “This impact is magnified by the strengthening Canadian dollar and escalating transportation costs.
“These are difficult but necessary decisions,” says Baskerville. “We appreciate our employees’ efforts and understanding as we work through this period.”
The curtailments represent approximately 20 million square feet of green veneer production and will affect up to 120 employees.
The curtailments will be implemented on a rotating basis, commencing at the White Valley Division in Lumby during the week of June 18. Subsequent shutdowns of two weeks each will be taken at both the Armstrong and Kelowna veneer facilities through July and August.
These decisions will be reviewed regularly throughout the summer.
For further information, please contact:
Jim Baskerville,
Regional Manager, Okanagan Operations
Tolko Industries Ltd.
P: 250.260.1285
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