VIDA to Invest in Bruza Sawmill in Hjältevad, Sweden

VIDA AB, owned 70% by Canfor Corporation (TSX:CFP), announced today that it will invest approximately 700 million SEK (CAD$85 million) at its Bruza Sawmill in Hjältevad, expanding production from 175 million board feet to 240 million board feet. This major investment includes a new highcapacity planing mill equipped with the latest technology, a new boiler, wood drying kilns and warehouse.

“I’m very happy that we’ve made this decision to increase our capacity in eastern Småland, together with our sawmills in Vimmerby and Mörlunda. This investment clearly demonstrates that we believe in wood as the material of the future, and in Hjältevad as a place to grow our business,” said Måns Johansson, CEO of Vida AB and President, Canfor Europe.

Construction of the planing mill, which is being designed to efficiently process lumber for all of Vida’s markets, will commence in spring 2024 and is expected to be in full production in 2026. Due to the increased capacity, Vida will grow its Bruza team as it introduces a second production shift. The planing mill will be supplied by C Gunnarssons Verkstads AB from Vislanda, Sweden which has been supplying the European sawmill industry for over 60 years.

About Canfor Corporation

Canfor is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor produces renewable products from sustainably managed forests, at more than 55 facilities across its diversified operating platform in Canada, the United States and Europe. The Company has a 70% stake in Vida AB, Sweden’s largest privately owned sawmill company and also owns a 54.8% interest in Canfor Pulp Products Inc. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP. For more information visit canfor.com.

Contact:

Rosemary Silva – Senior Advisor, External Relations – communications@canfor.com – (604) 661-5225

Source: Canfor Corporation