International Forest Products Limited
TSX : IFP.A

International Forest Products Limited

November 05, 2007 16:02 ET

International Forest Products Limited: Tentative Agreement Reached With the United Steelworkers

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2007) - International Forest Products Limited ("Interfor" or the "Company") (TSX:IFP.A) announced today that the Company has reached tentative agreement with the United Steelworkers Union ("USW") on a new contract for Interfor's three B.C. Coast sawmills. The USW has been on strike since late July. The agreement is subject to ratification by the Union members in voting which is expected to be conducted later this week.

USW members settled a strike against member companies of Forest Industrial Relations Limited ("FIR") two weeks ago. The tentative agreement reached with Interfor is substantially the same as the FIR agreement. The agreement provides for wage increases of 2%, 3% and 2% over the 3 year term. The Interfor agreement includes enhanced language related to providing severance pay to workers in the event of the permanent closure of a significant portion of the production facilities at any of the three sawmills.

Interfor is one of the Pacific Northwest's largest producers of quality wood products. The Company has operations in British Columbia, Washington and Oregon, including three sawmills in the Coastal region of British Columbia, one in the B.C. Interior, one in Washington and two in Oregon. In addition, Interfor operates value-added remanufacturing and specialty products facilities in B.C. and Washington.

For more information about Interfor, visit our website at www.interfor.com.

Contact Information

  • International Forest Products Limited
    Duncan Davies
    President and Chief Executive Officer
    (604) 689-6800
    or
    International Forest Products Limited
    John Horning
    Senior Vice President and Chief Financial Officer
    (604) 689-6829
    Website: www.interfor.com