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"Market and operating conditions remain challenging for North American newsprint and lumber producers. The recent extremely low newsprint pricing and the continuing low demand for newsprint and lumber, coupled with the related need to manage inventory levels and working capital, make this curtailment unavoidable," said Chris Black, Executive Vice President and President, Paper Group.
The curtailment is expected to result in lost production of 11,000 tonnes of newsprint and 3 million board feet of lumber. Tembec indicated it will continue to monitor market conditions closely and will adjust operating rates accordingly.
Employees have been advised of the Company's decision.
Tembec is a large, diversified and integrated forest products company which stands as the global leader in sustainable forest management practices. The Company's principal operations are located in Canada and France. 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.
SOURCE: TEMBEC
John Valley, Executive Vice President, Business Development and Corporate Affairs, (416) 775-2819, john.valley@tembec.com; Tracy Dottori, Human Resources Manager, Forest Products Group, (819) 627-4591, tracy.dottori@tembec.com
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