Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of January 2024

Commission File Number: 001-39974

 

 

 

WEST FRASER TIMBER CO. LTD.

(Exact name of Registrant, as specified in its charter)

 

 

1500 - 885 West Georgia Street

Vancouver, British Columbia

Canada, V6C 3E8

Tel: [phone]

(Address and Telephone Number of Registrant’s Principal Executive Offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☐            Form 40-F  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

The information contained in Exhibits 99.1 and 99.2 of this Form 6-K is incorporated by reference into the Registrant’s registration statements on Form S-8: File Nos. 333-257254 and 333-252631.

 

 

 

---

EXHIBIT INDEX

 

Exhibit		Description
99.1		News release dated January 22, 2024 re: West Fraser Announces Closure Of Fraser Lake Sawmill

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: January 22, 2024

WEST FRASER TIMBER CO. LTD.

/s/ Christopher A. Virostek

Christopher A. Virostek Senior Vice-President, Finance and Chief Financial Officer

Exhibit 99.1

 

For Immediate Release

WEST FRASER ANNOUNCES CLOSURE OF FRASER LAKE SAWMILL

VANCOUVER, B.C., January 22, 2024 – West Fraser Timber Co. Ltd. (“West Fraser” or the “Company”) (TSX and NYSE: WFG) announced today that it will permanently close its sawmill in Fraser Lake, British Columbia, following an orderly wind-down. Today’s decision is the result of West Fraser’s inability to access economically viable fibre in the region.

The closure of Fraser Lake Sawmill will impact approximately 175 employees. West Fraser expects to mitigate the impact on affected employees by providing work opportunities at other West Fraser operations.

“We do not make these decisions lightly”, said Sean McLaren, President & CEO, West Fraser. “We know this announcement has a significant impact on our employees, their families, our suppliers and the local community, who all rely on a healthy forest industry.”

The mill closure will reduce West Fraser’s Canadian lumber capacity by approximately 160 million board feet.

“Today’s announcement, combined with our recent decision to indefinitely curtail operations at Huttig, Arkansas and close our sawmill in Maxville, Florida better align our capacity with demand and available sources of economic fibre,” said McLaren. “We believe these initiatives, along with the decision to divest three pulp assets and acquire Spray Lake Sawmills in 2023 make West Fraser stronger through the cycle.”

West Fraser anticipates recording restructuring and impairment charges of approximately $81 million in the fourth quarter of 2023 related to facility closures and curtailments due to availability of economic fibre sources in British Columbia.

About West Fraser

West Fraser is a diversified wood products company with more than 60 facilities in Canada, the United States, the United Kingdom, and Europe. From responsibly sourced and sustainably managed forest resources, the Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals, and renewable energy. West Fraser’s products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials. For more information about West Fraser, visit www.westfraser.com.

---

Forward-Looking Statements

This news release contains forward-looking information or forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including those relating to the Company’s closure of the Fraser Lake sawmill, and anticipated timing thereof, expected reduction of lumber capacity, anticipated restructuring and impairment charge in the fourth quarter of 2023 as well as the related workforce impact and our ability to mitigate the impact on affected employees, ability to better align production capacity with demand and available sources of economic fibre and make West Fraser stronger through the cycle as a result of this announcement and the recently announced indefinite curtailment of the Huttig sawmill and closure of the Maxville sawmill, proposed divestiture of three pulp assets and the acquisition of Spray Lake Sawmills. Any such forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us considering our experience and our perception of historical trends and current conditions, including our assessment of our ability to access economically viable fibre within the Fraser Lake region, and are subject to inherent risks and uncertainties, including risks and uncertainties around our assessment of restructuring and impairment charges and related workforce impact, costs associated with contract commitments for Fraser Lake sawmill, implementation and integration of acquisitions, ability to access economically viable fibre, and the satisfaction of the conditions to closing of our sales of the Hinton Pulp mill, Quesnel River Pulp mill and Slave Lake Pulp mill and related timing of the closing of these transactions. Readers should also refer to the risk factors set forth in the Company’s annual information form and management’s discussion and analysis for the year ended December 31, 2022, each dated February 14, 2023, as updated in our management’s discussion and analysis for the three and nine months ended September 29, 2023, dated October 25, 2023, each available at SEDAR⁺ (www.sedarplus.ca) and EDGAR (www.sec.gov/edgar.shtml). There can be no assurance that the plans, intentions, or expectations upon which forward-looking statements are based will be realized. Actual results may differ, and the difference may be material and adverse to the Company and its shareholders. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.

For More Information

Media Contact

Joyce Wagenaar

Director, Communications

Tel. [phone]

[e-mail]

Investor Contact

Robert B. Winslow, CFA

Director, Investor Relations & Corporate Development

Tel. [phone]

[e-mail]

Page 2 of 2

---