Canfor will invest $30 million at its Polar facility in Bear Lake, north of Prince George, to replace the existing sawmill and to produce higher-value products, company officials said Wednesday at the company's annual general meeting in Prince George.
Canfor will also pump $6 million into its Fort St. John sawmill's log yard stabilization project.
The two announcements were the highlight of the meeting, which was held in Prince George for the second year in a row.
The forestry giant held the AGM for its pulp interests on Wednesday morning followed by the lumber side of the corporation in the afternoon.
"Last year we held our annual general meeting in Prince George to mark the 75th anniversary of our company. We had such a warm welcome, we decided to come back," said Canfor's CEO Don Kayne. "2013 was our first AGM in Prince George, and it was the start of a very special year for Canfor. Throughout the year, we held events to celebrate our 75th anniversary in all of our operating communities."
Coming back to Prince George for this year's set of board meetings and AGM events is more than symbolic, said one senior official.
"The employment is here, the biggest bioenergy producer in North America is here and that's our operation, and our fibre supply - our dowry - is here," said former Prince George resident Brett Robinson, now president of Canfor Pulp Products Inc. "The drawback is, the AGM is not attended by as many people involved in the banking industry, the analysts, the people involved in global trading, all those support service companies involved in our operations but what you do have is the heart of your business. You have the employees, a lot of shareholders are here, and it's close to the real action for both the pulp side and the lumber side."
Canfor's officials used the occasion to describe the $850 million in investments made since 2010 in company equipment and facilities to improve productivity.
