Pope & Talbot (POP) Announces Two Week Shutdown for Saw Mills in Grand Forks and Castlegar, B.C
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Pope & Talbot, Inc (NYSE: POP) announced a two week shutdown for saw mills located in Grand Forks, B.C. and Castlegar, B.C. The mills, producers of high-quality softwood lumber products, will be shut down beginning August 20th through September 3rd to reduce finished goods inventories.
Pope and Talbot CEO Harold Stanton said the move was necessary due to the falling prices of softwood lumber products brought on by the downturn in the US housing market. "The poor softwood lumber market has led to a situation where it is not profitable for us to run at normal capacity," said Stanton. "Moving forward, we will continue to make adjustments as the market dictates."
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