Novolex is shutting down a former Pactiv Evergreen plant in Bakersfield, California, according to a WARN notice posted by the state. The company is permanently closing the manufacturing facility come Oct. 14, impacting 127 employees. The news follows Novolex completing its $6.7 billion acquisition of Pactiv Evergreen in April, which took the purchased company private. Novolex is majority-held by private equity firm Apollo Funds and manufactures food, beverage and specialty packaging, primarily focused on fiber and plastic substrates.

Highlights • Q1 2024 net loss from continuing operations was $13.4 million compared to net loss of $21.6 million in Q4 2023. • Average lumber prices for Q1 2024 were higher than Q4 2023, with an average selling price of $626/mfbm compared to $601/mfbm in Q4 2023. • The valuation provision for lumber and log inventory was decreased to $1.0 million from $4.3 million at the end of Q4 2023, generating a $3.3 million credit to lumber cost of sales in Q1 2024. • Our lower duty rate has positively impacted the Company’s earnings and free cash flow since August 1, 2023. • There continues to be downward pressure on newsprint and paper products prices in North America.

Canfor Corporation is excited to announce it will invest approximately $160 million USD to build a new, state-of-the-art sawmill near DeRidder, Louisiana. The Company is pleased to be receiving significant state and local incentives in support of the project. The facility will have an annual production capacity of 250 million board feet on a two-shift basis and will directly employ about 130 people plus create significant additional indirect jobs. The Louisiana facility will have manufacturing capacity and flexibility to produce a wide variety of highvalue wood products for our customers. Startup is expected to commence late in the third quarter of 2022. The investment in Louisiana is in addition to the approximately $300 million of 2021 capital spending, including about $200 million for the solid wood and pulp operations in Western Canada and $100 million for the solid wood operations in the U.S. South.