Nearly 150 jobs affected as Tembec suspends operations in Senneterre, Que.

MONTREAL -- Tembec, citing weakness in the North American softwood lumber market and high wood costs, is indefinitely suspending operations at its sawmill in Senneterre, Que.

See Full Article

, putting 148 employees out of work.

The Montreal-based company, which last week reported strong results in the first quarter but an adjusted EBITDA loss in the lumber segment, said the suspension will begin next Monday.

The sawmill in the Temiscaming region in northwestern Quebec has an annual production capacity of 100 million board feet.

Tembec (TSX:TMB) CEO James Lopez said in a news release that the decision is necessary to minimize losses.

"We continue to carefully assess the evolution of market conditions and to work with the Government of Quebec to find solutions to the high cost of fibre," he said.

Tembec operates two other sawmills in Quebec and five in Ontario.

The forest products producer manufactures lumber, pulp, paper and specialty cellulose. It has annual sales of about $1.5 billion and 3,250 employees in Canada and France.



Advertisements

Latest Economic News

  • Pipelines, politics and petrodollars: Here's why Canadian gas prices are spiking

    Economic CBC News
    The price of filling up a tank of gas is a classic Canadian irritation. But a confluence of factors may soon make that process even more gob-smacking than usual. Here's a look at five reasons gas prices are soaring. Source
  • Air Canada, WestJet offer cheap basic economy fares for no-frills seekers

    Economic CBC News
    Thought economy was the lowest class on a plane? Think again: Air Canada and WestJet are selling "basic economy" fares that cost less and offer even fewer features, such as no options to change your flight. Source
  • Asian stocks fall over trade concerns

    Economic CTV News
    SEOUL, Korea, Republic Of - Asian shares fell back Friday after a major supplier to Apple forecast continued weak demand for mobile devices. A warning by the head of the IMF over the potential for trade tensions to harm global growth also weighed on sentiment. Source
  • Global shares fall back on trade worries, tech outlook

    Economic CTV News
    SEOUL, Korea, Republic Of -- Global shares fell back Friday on worries over trade tensions and tech outlook after a major supplier to Apple forecast continued weak demand for mobile devices. A warning by the head of the IMF over the potential for trade tensions to harm global growth also weighed on sentiment. Source
  • Canadian Pacific starting operations shutdown ahead of possible strike

    Economic CTV News
    CALGARY -- Canadian Pacific Railway says it has begun shutting down train operations ahead of a possible strike set to start Saturday by two unionized workforces. The company says it has an embargo application in place on shipments going to or from CP's Canadian locations that will take effect just after midnight on April 21. Source
  • DavidsTea swings to loss on charges but says e-commerce improving

    Economic CTV News
    MONTREAL - DavidsTea Inc. says it swung to a loss in its last quarter as onerous contract charges and impairments weighed on its balance sheet. The specialty tea retailer says it had a loss of $16.1 million for the fourth quarter ending Feb. Source
  • Rogers profit rises by more than a third to $425M

    Economic CBC News
    Rogers Communications Inc. reported a $425 million net profit in its first quarter, up 37 per cent from $310 million in the comparable period last year. The wireless, cable, internet and media company's adjusted earnings grew even more, rising by 45 per cent to $477 million under new accounting rules that Rogers began using in the quarter ended March 31. Source
  • Ottawa's new privacy rules give businesses flexibility on reporting data breaches

    Economic CTV News
    OTTAWA -- Federal data breach regulations set to take effect Nov. 1 will require mandatory reporting of security breaches that pose a "real risk of significant harm," but give businesses flexibility about how that's done. Source
  • Auto rules will be the 'core' of new NAFTA deal, Freeland predicts

    Economic CTV News
    WASHINGTON -- New automotive rules will be the centrepiece of a new NAFTA agreement, Foreign Affairs Minister Chrystia Freeland said Thursday during a round of negotiations she characterized as being focused on cars. In an exchange with reporters between sessions at the U.S. Source
  • Spat breaks out between Tim Hortons franchisee factions over public complaints

    Economic CBC News
    The Tim Hortons franchisee advisory board is slamming a group representing at least half of the brand's restaurant owners for publicly making complaints about their parent company Restaurant Brands International Inc. In a letter to franchisees obtained by The Canadian Press, the board argues that the comments by the Great White North Franchisee Association criticizing the company in the media and to the federal government is corrosive and damaging to the Tim Hortons brand. Source