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

  • Deadline looms for Dakota Access pipeline protest camp

    Economic CTV News
    CANNON BALL, N.D. -- As dawn breaks over an encampment that was once home to thousands of people protesting the Dakota Access oil pipeline, a few hundred holdouts rise for another day of resistance. They aren't deterred by the threat of flooding, nor by declarations from state and federal authorities that they must leave by Wednesday or face possible arrest. Source
  • Loblaw resets passwords for all PC Plus accounts after security breach

    Economic CTV News
    TORONTO - Loblaw has reset passwords for all its PC Plus rewards collectors' online accounts after points were stolen from some members' accounts. The company (TSX:L) posted a warning on its website saying it requires all members to create new passwords - regardless of whether or not they changed them following the recent security breach. Source
  • Tim Hortons and Burger King owner, Restaurant Brands, nears deal to buy Popeyes: report

    Economic CBC News
    Restaurant Brands International Inc. , owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc., people familiar with the matter said on Monday. The deal, which will likely value Popeyes at more than $1.7 billion US, is a bet by Oakville, Ont,-based Restaurant Brands that it can use its international reach to introduce Popeyes' Louisiana-style fried chicken and buttermilk biscuits to more diners globally. Source
  • Canadian labour leader Bob White, instrumental in creating CAW, dies

    Economic CTV News
    TORONTO - Canadian labour leader Bob White has died. White was instrumental in creating the Canadian Auto Workers union, which broke away from its American parent in the mid-1980s. He was the CAW's founding president from 1985 until 1991 -- a period when the union was at the height of its power, representing most of the Canadian employees of the big U.S. Source
  • Bob White, 'true maverick' former president of Canadian Auto Workers, dies

    Economic CBC News
    Bob White, the Canadian union leader who founded the Canadian Auto Workers after splitting off from its American counterpart, has died at the age of 81. Unifor, the union which now encompasses the Canadian Auto Workers, tweeted that White was "a great union leader. Source
  • 'True maverick' former president of Canadian Auto Workers Bob White dies

    Economic CBC News
    Bob White, the Canadian union leader who founded the Canadian Auto Workers after splitting off from its American counterpart, has died at the age of 81. Unifor, the union which now encompasses the Canadian Auto Workers, tweeted that White was "a great union leader. Source
  • Founding president of Canadian Auto Workers Bob White dies

    Economic CBC News
    Bob White, the Canadian union leader who founded the Canadian Auto Workers after splitting off from its American counterpart, has died at the age of 81. Unifor, the union which now encompasses the Canadian Auto Workers, tweeted that White was "a great union leader. Source
  • Wholesale trade rise 0.7% in December for third straight monthly gain

    Economic CTV News
    OTTAWA -- Canadian wholesale trade grew 0.7 per cent to $57.3 billion in December, registering its third consecutive monthly gain. Statistics Canada says sales in categories such as machinery, equipment and supplies, as well as building material and supplies were the biggest contributors to the increase. Source
  • China, Canada face similar pension challenges: CEO of CPP Investment Board

    Economic CTV News
    BEIJING -- The top executive at Canada's largest retirement fund is in Beijing today to help grow the fund's relationship with Chinese pension officials. Mark Machin was on hand for the official launch of a Chinese translation of "Fixing the Future" -- a book tracing the political and financial hurdles that were overcome when the Canada Pension Plan Investment Board was created in the 1990s. Source
  • Unilever shares tumble as Kraft Heinz drops takeover bid

    Economic CBC News
    Kraft Heinz Co.'s rapid retreat from its surprise $143 billion US bid for Unilever in the face of stiff resistance knocked the Anglo-Dutch company's shares on Monday as investors assessed the impact of the failed approach. Source